KEY FEATURES
- From 1 September 2023, the Queensland Government is reducing the rent for new and existing exploration permits for minerals to $0 for 5 years.
- The rent reduction applies to mineral exploration permits that fall due between 1 September 2023 and 31 August 2028.
Exploration is critical to building a critical minerals value chain in Queensland. An immediate priority as part of the Queensland Critical Minerals Strategy is to encourage more exploration to support new mineral discoveries.
The Queensland Government has reduced the rent for new and existing exploration permits for minerals to $0 for 5 years, from 1 September 2023. This equates to approximately $55 million of forgone revenue.
One of the barriers to exploration of critical minerals is the cost of permits, so the rent reduction is designed to support companies to redirect funds towards their exploration activities.
Reduced rent for exploration is just one of a number of actions in the Queensland Critical Minerals Strategy that will help grow the sector and position Queensland as a global leader, supplier and manufacturer of critical minerals.
KEY REQUIREMENTS
ZERO RENT PERIOD
Invoicing is based on the date an EPM is due to be paid. No rent will need to be paid for EPMs with granted or anniversary dates between 1 September 2023 and 31 August 2028.
EPM APPLICATIONS
If you have pre-paid rent for an EPM that is granted on or after 1 September 2023, you will receive a refund. If you have received an invoice but not yet paid, you do not need to pay. The invoice will be reversed.
EXISTING EPMs:
Pro-rata refunds
If your EPM was granted before 1 September 2023, a pro-rata refund will not be given for rent already paid. However, you will be eligible to pay zero rent at each anniversary date during the 5-year period.
Rent in arrears
If you have rent in arrears for your existing EPM, all rent is still due and payable for permits with an anniversary date up to and including 31 August 2023. Overdue rent owing from previous years remains due and payable and must be paid.
INVOICES DURING THE ZERO RENT PERIOD
Invoices will not be issued for rent payable during the zero rent period. However, reminder notices will still be issued in some cases, such as for rent in arrears.
ELIGIBILITY FOR FUNDING
The rent reduction applies to mineral exploration permits that fall due between 1 September 2023 and 31 August 2028. Read more about how the rent reduction works and who is eligible.
FURTHER INFORMATION
For more information or further questions about the rent reduction and eligibility, please contact the Mineral Assessment Hub on (07) 4447 9230 or email [email protected]
QLD ZERO RENT FOR EXPLORATION PERMITS
From 1 September 2023, the Queensland Government is reducing the rent for new and existing exploration permits for minerals (EPMs) other than coal to $0 for 5 years.
APPLICATIONS CLOSE:
31 August 2028