Comment: It is your land, your mine and your future

In the first two financial years, our fairer coal royalty tiers delivered an extra $9.4 billion back to Queenslanders and will see us all benefit for decades to come, writes Cameron Dick​

Queensland’s vast resource riches have underpinned our state’s past.

First Nations people mined manganese dioxide and kaolin for black and white pigments used in paintings, early settlers discovered gold at Mount Morgan and Charters Towers, and coal, bauxite and zinc mining have shaped communities from Gladstone to the Gulf for 180 years.

And just like our past, our resources industries will continue to propel Queensland into the future.

For example, the future of our state’s steel-making coal industry has never looked brighter. And because of our fairer coal taxes, Queenslanders will also benefit from the strength of that industry for decades to come.

This story is part of The Courier-Mail’s special Future Queensland: Resources series that reveals the truth about the contribution the much-maligned resources industry makes to Queensland. You can read all of our coverage on the special topic page here.

The number of workers in the coal industry has increased by more than 4500 since September, 2022, after our new coal taxes were introduced, and sits at near record levels of nearly 45,000 workers.​

According to the Australian Bureau of Statistics, private capital expenditure in the mining industry in Queensland went up by $1.1 billion over the past year.​

ABS industry data released at the end of May also shows that the coal industry had a profit margin of 48 per cent in 2022–23.

It’s why mining companies are clambering over each other to invest in our world-class steel-making coal assets.

Cameron Dick described the coal royalties as “fairer”, saying they delivered $9.4 billion in the first two financial years. Picture: Lachie Millard

In April, Whitehaven Coal paid $6.4 billion for Blackwater and Daunia metallurgical coal mines, which were originally expected to sell for $5.25 billion.

BHP has been in negotiations for a $75 billion takeover of Anglo American, which would give the Big Australian even more Queensland coal mines.

These profitable conditions for miners have encouraged more exploration.

The latest ABS exploration expenditure data revealed a 41.7 per cent rise in coal exploration spending to $254 million in the four quarters to March 2024, a nine-year high.

All this interest, investment, exploration and employment has occurred after Queensland’s fairer coal taxes which were introduced in June 2022.​

In the first two financial years of implementation, our fairer coal royalty tiers delivered an extra $9.4 billion back to Queenslanders.​

All of this helps the state from Crestmead to Cape York.

It has allowed our government to deliver the largest cost-of-living relief package in the country, the largest capital expenditure program in the state’s history and embark on transforming our energy system to produce clean, affordable renewable power.

Our $26 billion Queensland Energy and Jobs Plan is investing in new critical minerals, emerging technologies, and the transformation of our own energy system.

We are seizing the opportunity to sustainably mine and export our abundant resources of copper, vanadium, aluminum, cobalt, graphite, tungsten, zinc and nickel.

We are also helping resources companies through the $315 million Queensland Critical Minerals Strategy, which includes the $170 million Queensland Critical Minerals and Battery Technology Fund.

To date, our investments include $1.3 million in support for Revolver Resources to accelerate plans to reopen a Far North Queensland copper mine, and up to $30 million to support Alpha HPA’s production of sapphire glass in Gladstone.

The 2024-25 Budget also allocated $1.06 billion towards the CopperString 2032 transmission line from Townsville to Mount Isa.

This electricity transmission line will connect Queensland’s North West Minerals Province to the National Electricity Market, with construction on track to begin later in 2024.

Funding of $100 million is going to Gladstone Ports Corporation to progress construction of the $116 million Northern Land Expansion Project which is providing additional land at the Port of Gladstone and assisting in the development of new energy and other industrial projects.

It truly is an exciting time to be a Queenslander.

As the world continues to change, we are in a prime position to once again play a pivotal role in shaping it.

Cameron Dick is Queensland’s Deputy Premier, Treasurer and Minister for Trade and Investment