QIC invests $20.5m to advance gold, silver-indium projects in FNQ
The state government has backed two critical mineral projects with multimillion-dollar investments that could unlock decades of mining potential.
The Queensland Investment Corporation will sink over $20m to advance two resource projects in the state’s mineral rich north.
The state government’s investment arm will invest $12.5m in Carnaby Resources’ Greater Duchess Copper Gold Project near Mount Isa.
Through the Queensland Government’s Critical Minerals and Battery Technology Fund (QCMBTF) the investment will enable ASX-listed Carnaby to complete final feasibility work, mining lease applications and permitting required to progress the project to the final investment decision phase within 12 months.
Just 70km south of Mount Isa, the project includes several high-grade copper and gold deposits, with a combined resource of 27 million tonnes and potential mine life in excess of 10 years.
The recently acquired Trekelano deposit, which already holds key permits and infrastructure, is expected to be the first to enter production, providing an accelerated pathway to new copper supply for Queensland.
QIC is also advancing development of Australia’s largest known silver-indium discovery in Far North Queensland’s historic Herberton Mineral Field, building on more than a century of mining heritage in the region.
The $8m commitment through QCMBTF will support exploration and advance development of ASX-listed Iltani Resources’ Orient Silver-Indium Project near Herberton, which is prospective for silver, indium, zinc and lead.
Development of the project’s Orient East and Orient West deposits could unlock up to 40 million tonnes of ore containing the minerals integral in technologies like solar PV, semiconductors, batteries and advanced electronics.
QCMBTF is a $150m Queensland Government initiative managed by QIC, with earlier capital
investments including Alpha HPA’s sapphire glass project in Gladstone, the Vecco Critical Minerals Project and Ark Mines’ flagship Sandy Mitchell Rare Earths Project.
Drink up
A consortium of Queensland’s best distilleries are hoping to drum up business for local tourism and manufacturing as part of Queensland Rum Day.
Now in its third year, the day showcases the richness, diversity and world-class craftsmanship of the Queensland drop.
To mark the occasion on Saturday October 25, Bundaberg Rum, Beenleigh Rum, Nil Desperandum Rum, Burdekin Rum and Kalki Moon Distilling & Brewing have joined forces to create a limited-edition Rum Consortium 2025 Release.
Just 5280 bottles are up for grabs – each individually numbered and available at cellar doors and online – giving rum lovers the chance to own a slice of Queensland spirit history.
“We’re proud to be part of a movement that shines a light on Queensland rum as equal to the world’s best,” Kalki Moon founder and owner Rick Prosser says.
And there’s plenty to boast about.
Nil Desperandum has been on a golden run, with its Vintner’s Barrel named Champion Rum/Cane Spirit, Best Queensland Distilled Spirit, Best Queensland Distillery and Grand Champion Distilled Spirit at the 2025 Royal Queensland and Australian International Spirits Awards.
Burdekin Rum has been equally impressive on the global stage, with its Vintage Cane – included in this year’s blend – winning Best Rum at the Queensland Show, Best of Class and Double Gold at the American Distillers Institute, plus consecutive Double Golds at the Singapore International Wine & Spirits Competition.
Queensland’s rum scene is clearly on a high – and this collaboration proves our distillers are not just raising glasses, but the bar.
More Coverage
Originally published as QIC invests $20.5m to advance gold, silver-indium projects in FNQ
Today’s about plotting RBA’s rates trajectory; Telco bosses at inquiry
