Maroon push seeks backers for new economy minerals

Published Saturday, 20 November, 2021 at 01:57 PM

Minister for Resources
The Honourable Scott Stewart

Queensland’s resources “matchmakers” are working the international market for backers to drive new projects and jobs in advanced and renewable technology minerals.

Potential mining opportunities in the North West Minerals Province are being showcased to potential investors in South Korea and the United Kingdom later this month as part of a new economy minerals roadshow.

Resources Minister Scott Stewart said the United Nations Climate Change Conference had intensified the focus on renewable energy and the materials central to the world’s energy transition.

“Queensland has world-class deposits of new economy minerals like vanadium, cobalt, copper and other rare earth elements that the world needs to decarbonise,” he said.

“The International Energy Agency estimates demand for new economy minerals will triple by 2050 under current climate change commitments, and potentially six times more if the world steps up its emissions reductions measures.

“Queensland isn’t the only source of these critical minerals, but importantly we are one of the most environmentally and socially sustainable potential suppliers.

“We need to highlight our competitive advantages to capture more investment and strengthen our ties to major markets, which is what these forums are all about.

“The resources sector is central to our economic plan for recovery and the Palaszczuk Government is working hard to ensure an ongoing pipeline of resources projects and jobs.”

Queensland experts will present the state’s new economy minerals credentials:

  • on November 24 in an online webinar and workshop for the United Kingdom Critical Minerals Association as part of an ongoing new economy minerals roadshow across Europe. The roadshow has been showcasing Queensland as a reliable source of ethically sourced critical minerals to targeted European raw materials policy makers, supply chain stakeholders and potential investors.
  • on November 30 to potential South Korean investors at the annual Korea-Queensland business forum.

Mr Stewart said South Korea was Queensland’s third-largest trading partner and a manufacturing powerhouse looking to secure a stable supply of critical minerals.

South Korean battery maker LG Energy Solution and conglomerate POSCO recently bought into Queensland Pacific Metals, who are proposing a processing plant in Townsville to produce battery chemicals from imported ores.

The latest wave of marketing comes just weeks after the announcement of the state’s first vanadium mine, Multicom Resources’ $250 million Saint Elmo Mine near Julia Creek in Queensland’s remote north-west.

Vanadium is used in high strength low alloy steel and also in redox flow batteries, that can be recharged thousands of times.

Production will start at 5000 tonnes per year and build to 20,000 tonnes per annum, with about three-quarters of the workforce to come from the local area.

Saint Elmo is the first mine approved in a potential vanadium hub in the North West Minerals Province, with other companies progressing other potential mines. 


Media contact: Bryce Heaton 0434 575 237