Qld coal explorers granted spending concession
COAL explorers have been granted a Queensland Government concession to help them survive the mining downturn.
Mining Minister Dr Anthony Lynham announced on Thursday a 50% reduction in required expenditure for coal explorers in 2016 and 2017.
Dr Lynham said the reduction would mean miners would not be punished for reducing their spending during the downturn.
The announcement comes a month after the government granted a 50% spending concession to minerals explorers.
The Queensland Resources Council welcomed the minerals explorer concession and called for it to be expanded into the coal industry.
Dr Lynham said the government had spoken with groups such as the QRC in developing the concession.
"We're taken on board what industry, including the Queensland Exploration Council, the Queensland Resources Council and the Association of Mining and Exploration Companies, is telling us, and that is explorers are under stress with low commodity prices and difficulty attracting investment capital," Dr Lynham said.
- ARM NEWSDESK