Outgoing managing director and CEO of prospective vanadium miner QEM Gavin Loyden said uncertainty over Copperstring 2030, designed to connect the state’s hardrock industry to the national energy market, has sucked momentum from the development of projects.

“Where do we get the power and where do we get it at a reasonable cost, knowing full-well that doesn’t exist in Julia Creek at the moment … 

“If a Copperstring is delayed, then that’s going to put everyone on the back burner, and I think that’s the slowdown that you’re probably alluding to because without those key pieces, you can’t get a mine license. 

“You haven’t got power, you haven’t got water and other things like acid, … But those two fundamentals, without that, you don’t get your mining license.”

Mr Loyden was at this week’s 2025 Townsville Enterprise Mining and Critical Minerals Forum.

Investors in the nascent vanadium industry needed to be shown more respect he said.

“We’re not even juniors (companies). We’re micros, which means you’ve got a band-aid this through with believers. I’m sure others are in the same position where you’ve got believers that are on your register, but how much patience do they have? 

“In our case, we’re lucky that they do have patience, but as we go back further and further, and as time goes out, time equals money, and you don’t want to have these delays. 

“That’s why China wins this race at the moment, because they are subsidised, because they need the outcome, not necessarily the profitability. This is where it’s a different dynamic in Australia and anywhere in the Western world for that matter. 

“We have to be profitable and we have to appease investors rather than just come up with a good idea that the government says, ‘that’s a great idea’. We need to do that, and away they go, and that’s what’s happening in China.”

The inflection point when demand outstrips supply would be around 2029 Mr Loyden said. Decision makers needed to apply critical thinking to critical minerals he said.

“It comes back onto government to lean in and do it properly. That means infrastructure, not say you’re going to do it and then don’t do it. That doesn’t help anyone. 

“We spend half our time in advocacy and half our time developing a project because we need to, no-one knew what we were talking about when I started this project ten years ago. Now it’s on every tip of everyone’s tongue. 

“Now it’s become critical, but you want to make sure you take advantage of that position before it becomes absolutely critical because the results and the outcomes from that will not be good.”

QEM managing director and chief executive officer Gavin Loyden will retire at the end of the current financial year. He’ll be replaced by mining executive Robert Cooper.