ACIL Allen says CopperString to generate $132b in mining activity

CopperString proponents say the transmission project is worth 16 times the value of Brisbane’s 2032 Olympic Games.

THE proponents of a transmission project to connect north west Queensland to the national electricity grid are ramping up pressure on the state government to deliver, releasing figures showing it will generate 16 times the wealth of Brisbane’s 2032 Olympics.

It comes as Mount Isa MP Robbie Katter warns the CopperString transmission project still needs a “big push by government” to go ahead.

Private company CuString Pty Ltd, backed by international fund manager DIF Capital Partners and more than $30 million in pre-development funds from state and federal governments, is championing the $1.8 billion project.

It is part way through environmental studies and settling an implementation agreement with the government promised by Premier Annastacia Palaszczuk just over 12 months ago.

On Tuesday, CuString managing director Joseph O’Brien released the project’s updated economic impact figures as well as previously published government analysis of the economic benefits of the Games.

The CopperString Project could generate billions of dollars in revenue

He said consultant ACIL Allen’s analysis forecast CopperString would generate an extra $132 billion in mining activity by 2050, while the government’s analysis showed the economic benefits from the Games between 2022 and 2042 would be $8.1 billion.

Mr O’Brien said “we can have both”.

“We are all looking forward to the Brisbane 2032 Olympic and Paralympic Games and a record medal haul for Australia. The North West Minerals Province will deliver a record metal haul and economic windfall for Australia if we give those businesses access to the national grid,” Mr O’Brien said.

It is getting to the pointy end for decisions on CopperString after the Premier announced their signing of an implementation agreement on the first day of the 2020 election campaign.

But the government’s commitment was to support the project through the approvals process, not its construction.

In response to questions from Mr Katter last week, Energy Minister Mick de Brenni told parliament the government was focused on “in-confidence” negotiations with CopperString as well as “other proponents” to cut power costs.

“We have delivered $15.9 million to underwrite (CopperString’s) initial development plans. We will continue to work with CopperString and other proponents to make sure that there is reliable cheap clean power in the Northwest,” Mr de Brenni said.

Mr Katter told the Bulletin people mistakenly believed CopperString was certain to go ahead.

“No way. It still needs a big push by government,” Mr Katter said.

Labor MPs, including Resources Minister and Townsville MP Scott Stewart, are supporting the government’s position.

Originally published as ACIL Allen says CopperString to generate $132b in mining activity