Mining industry in Queensland set for exploration reforms
Queensland is well-known across the globe for its mining industry, which is the source of huge ...
Queensland is well-known across the globe for its mining industry, which is the source of huge economic stimulation for both the state and Australia as a whole. This makes the state a desirable place for people to purchase investment property - especially during a mining boom.
The state is taking steps to help improve the nature of its mining industry by announcing reforms to the mining permit approval process, in order to help drive the success of exploration in Queensland.
Director-General of the Queensland Department of Natural Resources and Mines Dr Brett Heyward said his department is dedicated to ensuring Queensland remains competitive on a global scale, as well as an attractive area for investment.
"We are introducing better systems to improve the way mining permits and approvals are decided and setting new customer service delivery targets to make our decision making faster, more open, accessible and transparent," said Mr Heyward in an October 22 statement.
He also said the reforms will help to improve frontline service delivery, aid the reduction of red tape in the industry and help to streamline the regulatory frameworks in place that support the sector.
"These practical reforms will deliver greater certainty to resource companies and communities alike and make Queensland a more attractive place to do business," said Mr Heyward.
Investment into the mining industry has grown to near record levels, reaching $1.3 billion over the last 12 months - including $1.1 billion in coal and petroleum research alone.
The reforms are aimed at facilitating the growth of the industry. For example, a new streamlined assessment of coal and mineral permits, meaning that any permits that aren't subject to native title could be organised in six months or less.
Furthermore, there will be new land released for research and exploration purposes, following geoscientific studies and access to newer data. This coincides with a plan to invest $30 million into seven new initiatives, aimed at maximising the success of exploration ventures across the state.
"The resources sector is a key pillar in Queensland's economy and we will continue to collaborate with industry to build a modernised and more efficient regulatory framework that provides greater certainty for exploration activity and investment in Queensland," said Mr Heyward.
With the dedication to reinvigorating the mining industry, now could be the perfect time to investigate property investment in the region and establish profitable homes near the sources of industry.