Record mining exploration investment

Mining Minister Stirling Hinchliffe told a major mining conference in Brisbane recently that Queensland has attracted a record $1.126 billion in resource exploration investment.
“It’s an outstanding performance and it underpins Queensland’s international reputation as an attractive exploration investment destination,” Mr Hinchliffe said.
“It’s a great result for Queensland and it sends a clear message to investors that we are well and truly open for business.”
The latest Australian Bureau of Statistics figures show $1.126 billion was invested in mineral and petroleum exploration expenditure in Queensland during the 12 months to June 30, 2011.
“This includes $463.1 million for petroleum and gas exploration, $456.4 million for coal, and $207.1 million for mineral exploration,” Mr Hinchliffe said.
“The figures represent a 23 per cent increase over the $917.1 million in exploration investment the previous year.
“Our expenditure is more than the combined exploration expenditure in South Australia, Northern Territory, New South Wales, Victoria and Tasmania over the same period.”
Queensland’s ‘greenfield’ mineral expenditure of $172.3 million for the 12 months to June 30, 2011 is a whopping 70 per cent increase over the $99.2 million attracted the previous year.
“We recognise the importance of strong mining and energy resource sectors to the ongoing economic prosperity of Queensland,” Mr Hinchliffe said.
“Exploration today is vital to unlock the resources that will drive the new mines and jobs of tomorrow.”