QLD Zero Rent for Exploration Permits

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.

• 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.

Planning Ahead

While the zero rent initiative continues to provide significant cost savings for eligible exploration permit holders, it is important to plan ahead. With the temporary rent reduction scheduled to end on 31 August 2028, companies should begin factoring the return to standard annual exploration permit rents into their forward budgets, project economics and long-term exploration strategies. Planning for this change now can help minimise future financial impacts and ensure exploration programs remain appropriately funded as the concession comes to an end.

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].