Challenge to answer well when opportunity knocks

With massive opportunities facing the North West Minerals Province, participants at this week's North West MPX conference have been challenged to consider how to best respond as a region and how new projects can work together on common problems. Queensland Resources Council policy director, economics Andrew Barger was among the speakers at the May 9-11 forum run by Commerce North West in Mount Isa. The map from the Queensland Resource Industry Development Plan (QRIDP) clearly showed just how prospective the North West was in new economy minerals - including copper, vanadium, cobalt and zinc, Mr Barger said. "PWC’s Mine 2022 publication suggests that the global value for these commodities is likely to grow from around $US120 billion to more than $US500 billion by 2050. That’s a staggering global opportunity for the North West," he said. QRC policy director, economics Andrew Barger. He also pointed to the growing status of providence in sourcing resources for decarbonisation - with consumers seeking assurance that the metals and minerals in products are safe, clean and green. "The rapid growth of different ESG standards and measures is in part a response to this consumer demand for greater transparency," he said. "To help Queensland explorers prepare for this new world of ESG providence, the Queensland Exploration Council has prepared a toolbox of information to get you started." While the very high standards of Queensland’s regulatory systems were appealing to consumers, they were providing some challenges for investors, Mr Barger said. "Some critical mineral proponents have asked if there’s not a fast track to help accelerate decisions. QRC has argued instead of a fast track – what’s needed is a properly designed and built road," he said. "Given the importance of resources, we should have an autobahn standard of regulations which are fast, efficient and fair." In highlighting the wealth of opportunity facing the North West, Mr Barger cited Professor Ross Garnaut in his book Superpower. He predicts that if Australia gets the energy transition right it will enable a host of new value-adding industries, and says that the natural home for these new industries will be in our regional areas. "Centres like Mount Isa, Julia Creek and Townsville can become economic hubs for complex new ecosystems of value-adding industries," Mr Barger said. Mr Barger urged his audience to consider how to best respond as a region to make the most of the emerging opportunities and how the resources industry could interact with other stakeholders to deliver better regional outcomes. North West MPX event manager Emma Harmon, the Commerce North West president, was hoping the event helped build connections and aid co-operation within the region on some of the big issues as well as fostering new business for exhibitors. She agreed the region was on the cusp of something big and must capitalise on the opportunities being presented. "If we can get the vanadium, the phosphate, cobalt and all of these others up and running and functioning well that is a good economic outcome for the region," she said. "I think the whole region is in a really good position. We also have to address things like livability... Answering those sorts of questions like livability and how to recruit to the outback and how to create sustainable towns as this mining industry grows, those are really important topics that the region has to look at as a group and individual towns."

Challenge to answer well when opportunity knocks

Industry Queensland

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