More than $640m was tipped into Qld mining sector in the past year

Exploration activity in Queensland’s resources game has remained surprisingly robust despite the headwinds of COVID and the subsequent fall in coal and petrol prices.

Exploration activity in Queensland’s resources game has remained surprisingly robust despite the headwinds of COVID and the subsequent fall in coal and petrol prices.

We learned this week that more than $640m was tipped into the sector in the last financial year, with deposits of coal, petrol, gold and copper attracting the most attention.

Kim Wainwright, chair of the Queensland Exploration Council

In good news for the industry, more than half of these players say they will maintain or boost their activity over the next 12 months, according to an annual scorecard released by the Queensland Exploration Council.

QEC chair Kim Wainwright said the investment is indicative of an upbeat outlook, which will surely be helped by the rollout of coronavirus vaccines.

“Coal and gas exploration spending grew by 61 per cent and 22 per cent respectively in 2019-20 - totalling almost $460 million - despite price falls in both commodities so there is definitely a feeling of growth and optimism in the sector,’’ she said.

IN GEAR

Martin Ward and his gang at Eagers Automotive are ending the year on a high note.

Brisbane-based Eagers, the country’s biggest car retailer, revealed on Friday that sales have continued to recover from the COVID-induced slump, a bounce back that should drive earnings up substantially.

Martin Ward

The company, formerly trading as AP Eagers, flagged a pre-tax profit of $195m to $205m for calendar year 2020.

That’s way above last year’s $100.4m and reflects the first full year of trading after its $2bn merger with Automotive Holdings Group.

RAILROADED

After 2½ years of legal wrangling, Brisbane-based coal hauling giant Aurizon finally triumphed this week in its bid to offload the Acacia Ridge freight terminal.

Arch rival Pacific National is now set to acquire the hub for $205m by the middle of next year after clearing a few regulatory hurdles.

The ACCC had tried to scuttle the deal, arguing that it would substantially limit competition and lead to increased freight costs.

Rod Sims

But the consumer watchdog lost a series of legal battles in its ill-fated quest, culminating in the High Court dismissing an application for special leave to appeal a Full Federal Court ruling.

Naturally, both rail giants welcomed the resolution of the festering issue. But ACCC boss Rod Sims remained unswerving in his criticism.

“With the acquisition set to proceed, Australia will be left in the position where the dominant intermodal rail linehaul services provider will also own the critical infrastructure that potential competitors need to access in order to compete,” he said.

REBOUNDING

It was back to the future at Brisbane Airport on Friday.

In a welcome return to some semblance of normality, the aviation hub saw more than 30,000 passengers pass through the domestic terminal for the first time since March.

With border walls tumbling and flight frequency ramping up to copy with pent up demand, the numbers have been slowly rebounding since late last month.

It’s all good and trending in the right direction, of course, but the churn is still about 55 per cent below the same time last year.

Still, it’s a reason for a bit of holiday cheer.