Plan to boost mining sector
THE economic resilience of Queensland’s mineral mining powerhouse is set to be bolstered by a multimillion-dollar State Government strategy.
The North West Queensland Economic Diversification Strategy, to be unveiled today, includes the first set of funding for the Copperstring 2.0 project from the State Government.
State Development Minister Cameron Dick said mineral resources would remain the region’s primary industry, but the strategy would help shield the economy from mining booms and busts and severe weather events.
“The strategy outlines new ways to enhance the investment environment, boost supply chains and sustain thriving communities,” he said.
“Key supply chain and value-adding industries in Townsville and surrounding regions are of strategic importance to the North West Minerals Province.”
Mr Dick said the State Government would move to craft an implementation timeline for the strategy as soon as possible, after feedback on a draft version found councils, industry and residents wanted new projects rolled out quickly.
Funding for energy, agriculture and tourism projects will be unveiled today, with more announcements on the strategy expected in the coming months.
A total of $1.68 million will be put toward energy supply and transmission projects, including $1.18 million for Copperstring 2.0, an 1100km 275kilovolt overhead high-voltage electricity transmission line from Woodstock to northwest Queensland.
This is the first tranche of funding Copperstring 2.0 has received from the State Government.
The Federal Government has already provided the project $4.7 million in pre-construction development funding.
There will be $600,000 invested into “catalytic” agriculture projects while $150,000 will be spent on Richmond’s fossil museum, alongside other tourism-boosting projects.
It comes as North Queensland politicians are expected to outline their vision for the North West Minerals Province at an event hosted by Townsville Enterprise this morning.
“The Future of the North West Minerals Province” event, which includes a keynote address by federal Water Resources and Rural Finance Minister David Littleproud, will focus on energy projects, water security, and getting the transport corridor back on track after the floods.
Townsville-based LNP Senator Susan Mcdonald, who will speak on the panel, said realising the “untapped wealth” of the North West Minerals Province would incentivise businesses and city folk to move north.
“There is a lot of untapped wealth for all of Australia in the North West Minerals Province but what we need to fully realise that … is water, electricity, communications reliability, taxation zones and rebates or project incentives,” she said.