Queensland Government to invest $245m to boost critical mineral sector
The Queensland Government will invest $245m into the state’s critical minerals sector to boost critical minerals production and reduce net-zero emissions.
At the World Mining Congress in Brisbane, Queensland Premier Annastacia Palaszczuk unveiled the Queensland Critical Minerals Strategy.
Under the strategy, $55m will be allocated to reduce rent for new and existing exploration permits for minerals over the next five years and $1m will be used to foster research and environmental, social and governance (ESG) excellence.
Initially, critical mineral zones will be established at Julia Creek/Richmond and around Mount Isa with $75m to be used to support investment and renew focus in advancing critical minerals projects.
$5m will be invested to target mining waste and tailings for critical metals and $8m will go towards scientific research including circular economy initiatives.
Furthermore, Critical Minerals Queensland will be established to oversee the development of the sector and drive and attract international investment.
The remaining $100m will be used to deliver the Critical Minerals and Battery Technology Fund to support new investments in projects.
Queensland Premier Annastacia Palaszczuk said the strategy will help grow the critical mineral industry.
“In Queensland we have some of the world’s richest mineral-producing areas, which in North Queensland alone is estimated to be worth $500b,” she said.
“This is why our government is investing $5b 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 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.”
The strategy is in addition to the $68m Queensland Resources Industry Development Plan and $75m Queensland Resources Common User Facility that will be built in Townsville.
