Critical minerals fund to supercharge battery supply chain

• $100 million Queensland Critical Minerals and Battery Technology Fund opened today
• The fund will help meet growing demand for clean energy technologies
• Support for Queensland industry to access national and global supply chains in metal refining, mineral processing, battery manufacturing and advanced materials

Applications are now open for the Palaszczuk Government’s newest fund accelerating the growth of the state’s emerging critical minerals, battery technology and advanced material opportunities.

Treasurer and Minister for Trade and Investment Cameron Dick announced the opening of the fund at today’s Critical Minerals Investor Forum – a companion event to this week’s 26^th World Mining Congress with more than 3,000 delegates.

The Queensland Critical Minerals and Battery Technology Fund is aimed at enhancing the extraction and processing of critical minerals.

It will also accelerate the development of battery technologies and the production of precursor or advanced materials to support Queensland jobs and economic growth.

Quotes attributable to Premier Annastacia Palaszczuk:

“Queensland has a clear vision to maximise the momentous opportunities that come with a clean energy future, as outlined in the Queensland Energy and Jobs Plan.

"Our state’s abundant reserves of vanadium, cobalt, copper and rare earth elements are the key to accelerating the development of clean energy technologies like solar panels, battery storage and electric vehicles.

“More than just digging these out of the ground, Queensland is in the enviable position to grow our capabilities right through the supply chain from pit to product as global demand skyrockets.

“In the electric vehicle battery market alone, annual global investment is predicted to surge in excess of $550 billion by 2030 in order to meet emissions targets.

“This fund will ensure that it’s cobalt and nickel - extracted and processed in Queensland by Queenslanders – that is powering the clean energy future ahead.”

Quotes attributable to the Treasurer and Minister for Trade and Investment Cameron Dick:

“Growing global demand creates a significant opportunity for Queensland’s critical minerals, battery technologies and advanced materials.

“However, we must ensure that local projects are production-ready, commercially viable and globally competitive.

“The Queensland Critical Minerals and Battery Technology Fund’s primary goal is to position our state at the front of the queue with the capacity and capability to meet global demand for decarbonisation.

“It supports the implementation of our recently released New-Industry Development Strategy and Queensland’s Battery Industry Strategy that is under development.

“Hosting today’s Critical Minerals Investor Forum is a great opportunity to engage directly with industry, academia, the Federal Government and the investment community to explore the trends, challenges and immediate and future investment opportunities.

“Our government is already developing the Queensland Resources Common User Facility and is supporting Vecco with Australia’s first commercial-scale vanadium flow battery electrolyte manufacturing facility, both located in Townsville.

“The Queensland Critical Minerals and Battery Technology Fund builds on these commitments and draws on our strength in critical minerals coupled with local innovation and research capability to cement Queensland’s place in the global clean energy technology supply chain.”

Quotes attributable to Resources Minister Scott Stewart:

“There is an abundance of critical minerals in Queensland and in the North West Minerals Province that the world is demanding as it decarbonises.

“There is the potential for thousands of good jobs as more critical mineral projects get off the ground which is why this Fund is important.”

“The Queensland Resources Common User Facility in Townsville is another way we are backing the resources industry as initially it will help resources companies prove up their product and develop new opportunities for vanadium mining.”

Further information:

Managed through Queensland Investment Corporation (QIC), the $100 million Queensland Critical Minerals and Battery Technology Fund will have two investment streams:

• QIC will manage the fund and oversee venture and growth capital investments
• projects seeking grant assistance will be referred to Queensland Treasury.

Eligible companies must be able to demonstrate alignment with fund objectives and Queensland Government policy objectives.

Assistance will be provided to new projects with demonstrated benefits to Queensland.

This may include building industry capability, supporting private sector infrastructure development, the creation of Queensland jobs, and upskilling and training opportunities.

For more information or to apply visit qic.com/qcmbtf.

ENDS

Media contact – Campbell Gellie 0433987744