Queensland Government releases document of critical mineral projects

The Queensland Government has packaged a document which includes a list of critical minerals projects seeking investment partners, many of which impact North Queensland.

Minister for Resources Scott Stewart at the Port of Townsville while Prime Minister Anthony Albanese was visiting. Picture: Evan Morgan

A booklet advertising Queensland’s mineral riches to international investors has listed the projects that would welcome additional financial partners, and many of them would boost Townsville and North Queensland.

Many of the valuable assets and proposals that seek investment partners congregate deep in the North West Minerals Province, which includes Mount Isa, Cloncurry, as well as Julia Creek.

The Queensland Government released its 60 page document which predicted that demand for critical minerals, such as vanadium and copper, could grow by 3.5 times by the end of the decade as the world uses these metals to prepare for net-zero ambitions.

The report highlights $5.6bn in Queensland funded projects, the sum predominantly being the CopperString project which will connect the province to the main grid, fuel these mines that require affordable energy for operations, while providing a mass amount of renewable energy to the coast.

The project frequently is described as a “game changer” for North Queensland’s economy, as it increases the amount of deposits that could be commercially viable to mine.

Resources and Critical Minerals Minister Scott Stewart describes changes in the industry as “a new industrial revolution” and said the government was working with domestic and international investors.

“Our ambition will see us not just exploring and mining these resources but also processing and manufacturing the renewable energy, defence and medical technologies the world needs,” Mr Stewart said.

“It also goes without saying that Queensland is a safe, reliable and ethical resources jurisdiction — with an ESG (environmental, social and governance) track record that global mining jurisdictions envy.”

Vanadium was listed as a resource with a growing significance for the country, and one of the world’s largest known reserves was based around Julia Creek.

The Queensland Government's critical minerals document shows a map of where the resources are.

In six years the resource is expected to be worth half a billion dollars annually and set to employ more than 1000 workers, and there were manufacturing benefits for Townsville, as Vecco Vanadium was in the operating stage of its electrolyte manufacturing.

The resource was significant as they were used for batteries that could be used for large scale energy storage.

Vecco is a significant player and also had one of the seven mineral prospects in the Julia Creek area as it aimed to develop its own supply chain.

Vecco Group Managing Director Tom Northcott and Premier Steven Miles with samples of vanadium electrolyte at the Vecco Group in Townsville. Picture: Evan Morgan

Copper was also of particular significance to North Queensland’s and Townsville economy as the resources travel approximately 800km from the west.

The resource is worth $2.7bn in exports for Queensland, which is a quarter of the state’s mineral exports, and employs 5000 workers.

The sunshine state provides a quarter of country’s copper, but half of the refined product, and most of which is mined in the North West Minerals Province, smelted at Glencore’s Mount Isa smelter, and brought to Townsville for refining.

Significant copper projects the document emphasised on included True North Copper’s Cloncurry Project, and Harmony’s Eva project.

Originally published as Queensland Government releases document of critical mineral projects