Queensland earmarks $245 million for critical minerals

Queensland Premier Annastacia Palaszczuk has unveiled a Queensland Critical Mineral Strategy backed by $245 million in funding at the World Mining Congress in Brisbane today.

The new strategy positions Queensland as a global leader in delivering the critical minerals the world needs to move to a net-zero emissions future, according to a statement.

Queensland has an abundance of critical minerals which are needed to build the infrastructure required to transition to a net-zero emissions future, with the strategy aiming to support thousands of jobs in regional Queensland.

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.”

The strategy earmarks $245 million in investment and will:

• Reduce rent for new and existing exploration permits for minerals to $0 for the next five years, worth $55 million
• 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 initiatives
• Provide $1 million to foster research and ESG excellence
• And deliver the $100 million Critical Minerals and Battery Technology Fund to support new investments in projects.

Queensland Resources Minister Scott Stewart said the state’s copper, zinc, vanadium and cobalt were in demand for batteries and renewable energy.

“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.”

Picture: Queensland Premier Annastacia Palaszczuk