Queensland’s exploration sector is set to unlock new opportunities and generate further economic benefits for the state, according to the Queensland Exploration Council’s (QEC's) 2024 Exploration Scorecard. However, industry leaders stress that clear and stable government policies are essential to realise this potential.

The QEC, the exploration arm of the Queensland Resources Council (QRC), released its yearly scorecard on Tuesday, outlining the opportunities and challenges facing the sector. This marks the fourteenth edition of the scorecard, which serves as an indicator of the state of exploration activity and investment in Queensland’s resources sector.

"The fourteenth edition of the QEC Scorecard provides an important barometer of exploration in Queensland and there is a lot to be positive about," QRC CEO Janette Hewson said. "Queensland has world-leading expertise, data, and technology underpinning our sector that can unearth reserves of the coal, gas, metals, and critical minerals the world demands."

These commodities are important not only for current energy and infrastructure needs, but also for driving future technological advancements and meeting global decarbonisation targets, she added.

Despite these positive prospects, Hewson pointed out that uncertainty around government policy, regulatory changes, and rising costs were impacting investor confidence.

"While there is strong positive industry sentiment about the significant potential for explorers, policy uncertainty, regulatory changes and rising costs are impacting investor confidence," she said.

QEC chairperson Kim Wainwright echoed these concerns, underscoring the importance of a clear, predictable pathway to production in order to attract and retain investment in Queensland’s exploration sector.

"Queensland's extensive resource base and skilled workforce position us well for future growth, but we must address the policy and regulatory challenges to unlock its potential," Wainwright said. "The QEC Scorecard is a call to action for all stakeholders to ensure Queensland remains an attractive destination for exploration investment."

Wainwright’s comments reflect the broader sentiment within the sector that a stable and transparent policy framework is key to enabling exploration activities, ensuring continued growth, and safeguarding Queensland's competitive edge in the global resources market.

The QEC Scorecard identifies key trends and insights that should inform long-term strategic decision-making and policy settings to position Queensland as a leader in the global resources sector. Hewson noted that the industry is keen to work collaboratively with the new Queensland government to drive these initiatives forward.

"Industry looks forward to working collaboratively with the new Queensland government, Hewson said. "QRC is encouraged by government commitments to attract new investment and streamline project approvals, which are both critical to maintaining a strong resources sector in Queensland."