Mining companies, state government delegation heads to Mount Isa, Cloncurry and Townsville

With a new rent-free exploration permit scheme on offer the Queensland Resources Minister is taking mining executives around North Queensland. See why.

Mining bigwigs are touring regional Queensland with the Resources Minister as part of the World Mining Congress.

On Friday MP Scott Stewart will lead the investors and mining executives to Mount Isa, Cloncurry and Townsville spruiking the state government’s $245m Queensland Critical Mineral Strategy.

“There has been an overwhelming amount of interest from international investors and resources companies in the potential of establishing projects in Queensland,” Mr Stewart said.

Austrian, UK and US interests would survey “the best Queensland’s geology and geography have to offer,” Mr Stewart said.

State Resources Ministers and Townsville MP Scott Stewart shows of a 'vanadium' lapel pin. Picture: Blair Jackson.

The state government is paying for the trip out west, as part of the World Mining Congress being held in Brisbane.

Centred around Mount Isa, there is an estimated $500bn in resources in the North West Minerals Province.

The critical mineral strategy aimed not just to support mining the raw materials but allowing processing and manufacturing in Queensland, Mr Stewart said.

There is an estimated $500bn in resources stored in the Mount Isa-centred North West Minerals Province.

“This is a once-in-a-generation opportunity to show the world that Queensland truly is the land of resource opportunity.”

University of Utah Professor Rajive Ganguli said Australia and Queensland specifically had the right mix of deposits, people and knowledge to “lead the world”.

“Because of the partnership between the state, universities and industry, a lot of chess pieces are in place here so I expect Queensland to contribute quite a bit,” Mr Ganguli said.

At the world congress event this week Premier Annastacia Palaszczuk announced part of the $245m strategy meant the state would forgo $55m in revenue across five years to make the rent on new and existing exploration permits, free.

Australia’s only vanadium mine is being set up at Richmond and the free rent would have saved Perth-based Richmond Vanadium Technology about $75,000 per annum.

Vanadium is a rare element used in renewable energy batteries and to harden steel.

Queensland Premier Annastacia Palaszczuk speaks at the World Mining Congress in Brisbane. Picture: Dan Peled / NCA NewsWire

The Richmond mine is expected to create 100 construction and 200 ongoing jobs.

Vecco Group’s $26m Townsville Vanadium Battery Manufacturing Facility opened last week and the state government has funded a separate critical minerals – including vanadium – processing plant in Townsville.

The state government presented the biggest surplus of any state in the country this month; $12.3bn in the black on the back of $15.3bn from coal royalties.

However at the congress earlier in the week, the chief executives of BHP and Anglo Coal said the Queensland government’s coal royalty hike had made the state unpredictable and unstable for investors.

Originally published as Mining companies, state government delegation heads to Mount Isa, Cloncurry and Townsville