Minerals fund to benefit North

Joseph O’brien

THE T proponents of the Copperstring transmission tr line project have welcomed moves by the federal government to help finance critical minerals projects in Australia.

Custring managing director Jos seph O’brien said the $2bn critical m minerals fund, announced by Prime Minster Scott Morrison, was very significant for mining developments in our region, as well as for their $1.7bn C Copperstring project.

“The government’s willingness to use its capital to ensure we sustain and grow production out of the Townsville to Mount Isa corridor is very good for greenfield mine d developments and existing mine expansions,” Mr O’brien said. “That is also very good for Copperstring in maximising the benefits of the transmission line.”

The new fund will help fill gaps in financing for critical minerals projects by providing project loans.

It is considered strategic for government because of the global importance of critical minerals for energy and technology.

The Critical Minerals Facility will be managed by the government’s Export Finance Australia and report to the Minister for Trade, Tourism and Investment Dan Tehan.

Critical minerals include more than 30 metals used in advanced technology, aerospace and batteries like lithium, cobalt, vanadium and scandium, which are found in north Queensland.

Mr O’brien said the fund was an enormous opportunity for North Queensland.

“One of the biggest challenges that the world faces is getting enough minerals like copper and new minerals line vanadium,” Mr O'brien said.

“What the government is saying is that here is not just an economic opportunity but it’s an issue of national importance.

“They are very active is looking at ways to deploy capital that contributes to shoring up mineral supply,” he said.

The state government last month announced the approval for a $250m Saint Elmo vanadium and high-purity alumina project near Julia Creek, while north of Mount Isa there is the large Eva copper project.

Mr O’brien said Copperstring could deliver the lower-cost energy the mines needed to make their development viable.

Custring will develop a 1000km transmission line to connect the North West Minerals Province with the National Electricity Market at Townsville.

Mr O’brien said they hoped to finalise engineering and environmental impact studies for the project shortly and would continue to work with the state government on regulatory approvals and with the Northern Australia Infrastructure Facility on financing.