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Qld a critical Player in new Economy Minerals Investment

The Queensland Resources Council (QRC) has welcomed the Australian Government’s commitment to support new investment in critical minerals projects, which is a key growth area for Queensland’s resources sector.

QRC Chief Executive Ian Macfarlane said investments in critical minerals will become increasingly important as Queensland looks to play to its advantages in resources to create new jobs and support Australia’s national security.

“Queensland’s resources sector is an economic stronghold, underwriting the state economy to the tune of $84.3 billion and supporting more than 420,000 jobs,” he said. “Investment in a range of commodities, including critical minerals, will also strengthen Australia’s energy security and self-sufficiency in areas as diverse as defence and the advanced manufacturing of renewables.”

The Australian Government has this week announced a new Critical Minerals Strategy, backed by a $200 million grants program, to accelerate prospective projects plus $50 million to support research and development. The government also announced $243 million for investments in critical minerals manufacturing initiatives, including $45 million for a high purity alumina production facility near Gladstone to meet demand for lithium-ion batteries and LED lights.

“Queensland is fortunate to have diverse potential in critical and new economy minerals including vanadium, nickel, cobalt and scandium projects, which has been recognised by the State Government and is a key measure in the draft Queensland Resources Industry Development Plan,” Mr Macfarlane said. “The QRC has previously welcomed the State Government’s investment in common user infrastructure to support the vanadium industry in North Queensland, and we believe more infrastructure like this is needed to drive further industry growth. The Queensland resources sector has proven to be a reliable partner for local communities over decades, and especially so during the Covid pandemic,” he said. “Investments in our traditional commodity strengths as well as in the commodities of the future will help ensure the resources sector can continue to play that steady role to support Queensland jobs, our economy and our security. The QRC looks forward to working with the State and Federal Governments to maximise the return on investments in the critical and new economy minerals sector.”

Source: QRC

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