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Queensland's Critical Minerals and Renewable Energy Jackpot

Oct 01, 2024


Written by Anthony Elliott


In July 2024, the Queensland Government launched Queensland’s new Critical Mineral’s Prospectus and Critical Mineral’s Investor Hub.  Resources and Critical Minerals Minister Scott Stewart said ‘Queensland is in the box seat to capitalise on the global push to decarbonise because quite simply, we’ve won the geological lottery,”


Queensland has an abundance of critical minerals and renewable energy potential combined with a track record of experience in mining. This unique confluence sets the stage for Queensland as an emerging international leader in the production of renewable energy and associated technologies and battery storage.  Fortuitous indeed, given the demand for critical minerals is expected to triple as a result of existing global commitments to emissions reductions according to the International Energy Agency.


Resources are already a major driver of Queensland’s economy. In the 2020 financial year, the resources industry contributed $27.5 billion to Queensland’s economy (over 8% of the state’s economy), directly employed 77,000 Queenslanders, with 70 per cent of these in regional areas.  The Critical Minerals Prospectus is backed by the Queensland Critical Minerals Strategy and the Queensland Resources Industry Development Plan (QRIDP), which provides a 30-year roadmap to grow and strengthen Queensland’s resources industry to create jobs and prosperity well into the future through the development of Queensland’s critical minerals sector.


So, what are Critical Minerals?


To be classified as a critical mineral, a metallic or non-metallic element must be:


  1. Essential to our modern technologies, economies or national security; and
  2. At risk of supply chain disruption.


Australia has listed 31 critical resources identified as essential to:


  1. Decarbonisation of industries;
  2. Renewable energy in Queensland; and
  3. Aerospace and defence industries.


Queensland has some of the world’s richest mineral-producing areas. The table below provides a snapshot of Queensland’s critical minerals $10 Billion investment opportunity (potential or current).



Key critical minerals required for solar, wind, electric vehicle (EV) and energy storage technologies found throughout the state include:




A snapshot of some of the projects ready for investment in the Queensland Critical Minerals Prospectus and (operating or planned) include:


  • Queensland Resources Common User Facility - Cleveland Bay Industrial Park in Townsville. $75M commitment from the  Queensland Government (2022–23 Budget Update), for the trial of production processes for commercialisation, enabling prospective miners to begin producing mineral samples at scale.
  • 1100km CopperString 2032 project - Queensland’s critical minerals sector will be enabled by the Queensland Government’s to own transmission infrastructure required green energy transmission. $5B investment (2023 announcement).
  • Grid-scale and community batteries - To support Queensland’s publicly owned energy businesses to invest in battery projects to maximise local storage. $500M investment.
  • Upgraded Rail connection from the North West Minerals Province to the Port of Townsville. $300M investment.
  • Queensland Critical Minerals and Battery Technology Fund to accelerate the pit-to-product supply chain and meet the growing demand for clean energy technologies. $170M investment.
  • Accelerated development of resource projects in the North West Minerals Province. $30M investment.
  • Research and development in circular economy and minerals discovery, extraction, processing and recycling, and develop a research institute. $8M investment.
  • Explore remaining mineralisation in mine waste – to commercialise and extract value from Queensland’s mine tailings and waste rock which hold substantial mineral deposits. Funding: $5M.
  • Funding for Queensland resource projects to onshore value chains under the Modern Manufacturing Initiative. $53.8M Investment.
  • Queensland’s Collaborative Exploration Initiative - $22.6M investment to support Queensland's minerals exploration industry. 
  • Geoscience research in existing copper, cobalt, rare earth, indium and other critical mineral deposits to better understand their occurrence and distribution. $5M Investment.
  • Reductions in rent for new and existing exploration permits for minerals to $0 for five years (~$55M of forgone revenue).


Whist the investment potential is enormous, critical minerals mining and projects are also required to meet rigorous planning approvals and Environmental, Social and Governance (ESG) standards before a project can commence.  Critical Minerals Conference in Brisbane in August 2024, Australian Institute of Mining and Metallurgy (AusIMM) CEO Stephen Durkin estimated a fivefold increase in project approvals would be required to meet net zero 2035 targets.

 

On 29 August 2024, the Queensland government committed $1 million to establishing a formal ESG Advisory Panel comprising representatives from government, industry, academia, and the community, to foster ESG excellence and attract sustainable investment in the state's critical minerals sector. AusIMM CEO Stephen Durkin said ‘ESG is not a constraint, it's an advantage and an opportunity for growth. By building ESG excellence into the DNA of our critical minerals sector, we are creating a model for responsible resource development deliver by the highly skilled people who choose to pursue careers in our sector.

 

Environmental Impact Statements include a Social Impact Assessment (SIA). The SIA seeks to understand and explores communities’ concerns and aspirations. SIAs also develop a management plan that aims to mitigate potential negative impacts and enhance any potential positive impacts.

 

In the words of Stephen Durkin the new ESG advisory panel “is about creating a legacy of responsible resource development that delivers economic prosperity, environmental stewardship, and enduring benefits for Queensland communities."


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Wall Planning Group is a Queensland based planning firm specialising in supporting the delivery of major energy, resources, and development projects including project management, master planning, social impact assessment, and community engagement.


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