The Queensland state government budget was handed down recently and as you would expect, there were cuts and slashes everywhere.
Queensland mining and resource sector development windfall
However, the Queensland mining sector was given as shot of adrenaline as the Qld government announced a new plan to revive the industry. The state government set aside a hefty $450-million of its Budget to further develop the natural resources and mines sector.
“$3.8-million for Coal-Seam Gas development”
The 2014/15 Budget included $3.8-million for Coal-Seam Gas development and to boost compliance monitoring of the state’s CSG industry.
With a strong focus on infrastructure development to help grow Queensland, the government has also earmarked the sale of assets in order to reduce the state debt.
One of the hottest mining activity regions in terms of being an essential component in the mining and resource infrastructure is Gladstone.
With the development of 3 LNG trains on Curtis Island more than half way completed, this is a prime target for the government to make some quick cash.
Queensland government to sell off prime resource sector assets
The Port of Gladstone, according to the latest budget will be leased along with the Townsville port in a combined package deal with the Mount Isa rail line. Rail infrastructure plays a pivotal role in the development of existing and new mines planned for the coal-rich Bowen and Galilee basins.
The LNG industry in Queensland is expected to contribute to taking Queensland into the black in 2016 as LNG income kicks in.
30 year vision for Queensland mining and resource development
The agreement between the Qld government and stakeholders, known as ResourcesQ has been described by the Queensland Resource Council as a ’30 year vision’.
The Association of Mining and Exploration Companies (AMEC), the Australia Petroleum Production and Exploration Association (APPEA), and the QRC all signed the agreement.
Some of the outcomes for the Queensland resource sector were:
- the Newman and Commonwealth governments to streamline the approvals process
- the cutting of red and green tape
- the need for long-term and stable policy and legislation to attract investment
Queensland Resources Council chief Michael Roche said “the right plan”Ě for the industry had been unveiled, however, he stressed the Queensland resources sector wanted to be kept in the loop when it came to decisions on selling assets.
“We are very interested in the decisions to possibly sell port and rail assets and as major users of those assets, we of course look forward to close consultation over the months ahead,”Ě he said.
“$8.8 billion in funding”
However, concern was raised over the Queensland government’s view to increasing the royalty rates on all mining and gas projects which it estimated would provide $8.8 billion in funding.
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