Critical minerals, Government announcements, News

Queensland set to grow critical minerals sector

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The Queensland Government will invest $245 million to grow the state’s critical minerals sector and support future net-zero emissions.

The Queensland Critical Mineral Strategy was unveiled by Premier Annastacia Palaszczuk at the World Mining Congress and comes on the heels of the Federal Government releasing its own Critical Minerals Strategy.

“In Queensland we have some of the world’s richest mineral-producing areas, which in North Queensland alone is estimated to be worth $500 billion dollars,” Palaszczuk said.

“This is why our government is investing $5 billion to build CopperString 2032, to connect the North West Minerals Province, with the largest renewable energy zone on the east coast of Australia to mine and process critical minerals with renewable energy.”

The strategy will:

  • Reduce rent for new and existing exploration permits for minerals to $0 for the next five years
  • Establish critical mineral zones, initially at Julia Creek/Richmond and around Mount Isa, with $75 million to support investment and renewed focus in advancing critical minerals projects
  • Establish Critical Minerals Queensland, a one-stop office to oversee the development of the sector and help drive and attract international investment
  • Invest $5 million to target mining waste and tailings for critical minerals, and $8 million towards scientific research including circular economy initiative
  • Provide $1 million to foster research and ESG excellence
  • Deliver the $100 million Critical Minerals and Battery Technology Fund to support new investments in projects

“Queensland has vast reserves of critical minerals, such as copper, zinc, vanadium and cobalt, that the world is demanding to produce batteries and renewable energy as part of their plans to decarbonise,” Resources Minister Scott Stewart said.

“The Queensland Critical Minerals Strategy is about acting now to position Queensland as a global leader in this new industrial revolution.

“If we do not manufacture our future, someone else will, leaving Queensland to remain a low-end supplier of minerals and nothing more.”

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