Critical minerals investment key trade mission topic

Premier Annastacia Palaszczuk has met with senior executives from Idemitsu to discuss their expansion strategy for Queensland as an Asian trade mission continues. Idemitsu has recently increased its stake in Vecco Group - part of the trade mission - with the investment set to support Vecco’s Debella critical minerals project near Julia Creek and its $26 million vanadium flow battery electrolyte manufacturing facility in Townsville. Related: Vecco vision attracts more Idemitsu millions The Japanese group has set a global target to be carbon neutral by 2050 and its recent Australian business moves reflect that evolution. Its subsidiary Idemitsu Lindfield is the largest shareholder in North-West Queensland vanadium proponent Critical Minerals Group, while Idemitsu Kosan recently sold its majority stake in the Ensham coal mine near Emerald. Late last year Idemitsu Australia announced it was also beginning a study on the feasibility of generating and exporting green ammonia from the Port of Abbot Point near Bowen as part of a consortium with CS Energy and Energy Estate. Queensland Trade and Investment Commissioner for Japan Tak Adachi said the state's abundant natural resources and world-leading innovation and technology in the sector made it an attractive investment destination for global giants like Idemitsu. “Our shared vision for a cleaner, more sustainable future provides a roadmap to solidify this relationship and we look forward to working closely with Idemitsu as they explore their expansion strategy in Queensland,” he said. In a trade mission update from Tokyo, Townsville Enterprise chief executive officer Claudia Brumme-Smith said the mission focus was on critical minerals and the green energy transition, which put Townsville North Queensland in the box seat when it came to investor interest in Japan. The trade mission is taking in meetings in Japan, South Korea and Singapore. In addition to Ms Brumme-Smith, Townsville Mayor Jenny Hill, Gladstone Mayor Matt Burnett, Vecco Group managing director Tom Northcott and PowerLink chief executive Paul Simshauser are involved. Resources Minister Scott Stewart is joining the Premier for the South Korean leg to help promote CopperString and Queensland’s Critical Minerals Strategy. Japan is Queensland’s largest export destination with $27 billion worth of exports in the year ending in April 2023, an increase of 48 per cent over the year. South Korea is the fourth largest export destination with $19 billion worth of exports in the year ending in April 2023, an increase of 23 per cent.

Critical minerals investment key trade mission topic

Industry Queensland

Related News

Quick fire – industry news briefs

Fraser Institute rankings highlight global competition

Pybar tapped for new mine job as AIC gets ducks in a row

Get access to breaking mining news, now.