The Queensland Premier, Annastacia Palaszczuk, has revealed the Queensland Critical Mineral Strategy which positions the state as a global leader in delivering the critical minerals the world needs to move to a net zero emissions future.
The strategy, revealed at the World Mining Congress in Brisbane on 28 June, will oversee a $245 million investment into growing Queensland’s critical mineral sector.
Areas of focus for the strategy include:
- Reducing rent for new and existing exploration permits for minerals to $0 for the next five years, worth $55 million
- Establishing 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
- Establishing 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 initiatives
- 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
Ms Palaszczuk said Queensland has some of the world’s richest mineral-producing areas, which in North Queensland alone is estimated to be worth $500 billion dollars.
“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,” Ms Palaszczuk said.
“The Queensland Critical Mineral Strategy is about growing this industry by not just mining the raw materials but also being able to process it and manufacturing renewables right here in Queensland.
“I want Queensland to be a global leader, supplier and manufacturer of critical minerals and this strategy will help us achieve that.”
Queensland Resources Minister, Scott Stewart, said 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.
“The Queensland Critical Minerals Strategy is about acting now to position Queensland as a global leader in this new industrial revolution,” Mr Stewart said.
“If we do not manufacture our future, someone else will, leaving Queensland to remain a low-end supplier of minerals and nothing more.”
Industry response:
Speaking from the 2023 World Mining Congress, AMEC CEO, Warren Pearce, said the Queensland Government has delivered a nation leading and globally significant commitment to developing the critical minerals industry in Queensland.
“The delivery of a comprehensive Critical Mineral Strategy, is backed by $245 million in new funding commitments, cost reduction measures, and greater regulatory and investor support,” Mr Pearce said.
“These commitments will grow Queensland’s emerging critical minerals industry, helping Australia and the world to decarbonise, while at the same time creating thousands of highly skilled jobs for Queenslanders.
“Queensland is a big state with big ambitions, and they have backed these ambitions with big action.”
“From exploration and discovery, to mining and value adding, and then battery manufacture and implementation in the energy grid, Queensland now has a clear vision and strategy for how to achieve this.”
Mr Pearce said the announcements made by Queensland Premier, Annastacia Palaszczuk, send a strong signal to international investors that the Queensland Government is serious about attracting and supporting critical minerals investment.
“Without exploration there are no new mines. The more we can do to reduce time and costs, the more exploration will move to Queensland.”
“A commitment of $75M to support the Julia Creek/Richmond and a Mount Isa critical minerals zone assessment is also a key advocacy win and AMEC will continue to work with the state in defining the scope of this initiative.”
“The $100 million Critical Minerals and Battery Technology Fund is another key initiative that will support Queensland’s critical mineral developers with local technology markets being established and creating a domestic market. This further backs Queensland as the place to do business from pit to process to battery to grid,” Mr Pearce said.
“Queensland is serious about building a critical minerals industry and we will continue to work with government to operationalise the plan for the benefit of Queensland.”
