$16 billion in planned mining projects set to turbocharge QLD economy
Queensland’s mining industry helped cushion the national economy from an even harder fall last quarter and industry bosses have painted a rosy picture of job-spinning projects in the pipeline.
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QUEENSLAND’S path out of the coronavirus recession could be turbocharged by a multi-billion dollar pipeline of projects waiting for a green light.
Minerals Council of Australia chief executive Tania Constable said mining, which was one of the few sectors in the economy that grew in the June quarter, could “do even more” if governments found the “right mix of productivity-enhancing reforms”.
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She said 22 proposed projects in Queensland worth a combined $16.4bn and slated to create nearly 20,000 total jobs had already completed feasibility studies.
The projects include the controversial expansion of the New Acland mine on the Darling Downs, the $1bn Olive Downs coal mine in the Bowen Basin and Australian Mines’ Sconi project, producing nickel, cobalt and scandium.
“In addition to the 22 identified projects, there are a larger number of mining projects under development in Queensland that are still undertaking exploration activities and progressing towards feasibility studies,” Ms Constable said.
“These include many projects targeting production of copper, phosphate, gold and nickel the Mt Isa-Townsville region, bauxite in the far north of Queensland and more high quality coal projects in the Bowen, Surat and Galilee basins.”
Ms Constable highlighted a range of essential reforms that would help miners start moving dirt and help to sustain the “livelihoods and living standards of the people of Queensland”.
They included creating a competitive tax system, enhancing skills and training, supporting the discovery of new mining regions and emerging critical minerals and expanding trade and investment opportunities.
Australia’s largest underground coal miner Anglo American is studying a proposed $500m expansion of a coal handling plant in the Bowen Basin that could boost its capacity up to 40 per cent.
Chief executive of Anglo American’s metallurgical coal business Tyler Mitchelson said streamlining regulatory approval processes would help ensure Queensland-based projects could compete for global capital investment.
“In terms of growth, our focus is on delivering projects that continue to optimise existing capacity in our operations including our $300m Aquila project which is currently underway and will extend the life of our existing underground operations near Middlemount,” he said.
BHP Mitsubishi Alliance (BMA) Asset President James Palmer said the company’s workers had stepped up with “purpose, focus, speed and decisiveness” to operate safely during the pandemic.
“While uncertainty exists and all businesses face pressure from the pandemic, we will continue to play our part to help drive Queensland’s economic recovery,” he said.
“Our coal is essential to produce the building blocks of the modern world. We have the world’s best portfolio of metallurgical coal assets here in Queensland that is needed to make the world’s steel.
“We will continue to invest in Queensland, employ and train Queenslanders and support our Queensland suppliers and communities.”
