Investment push on new economy minerals

North West Minerals Province projects are being showcased to potential investors in South Korea and the United Kingdom this month in a new economy minerals roadshow. Resources Minister Scott Stewart said the United Nations Climate Change Conference had intensified the focus on renewable energy and the materials central to the world’s energy transition. Resources Minister Scott Stewart. “Queensland has world-class deposits of new economy minerals like vanadium, cobalt, copper and other rare earth elements that the world needs to decarbonise,” he said. “The International Energy Agency estimates demand for new economy minerals will triple by 2050 under current climate change commitments, and potentially six times more if the world steps up its emissions reductions measures. “Queensland isn’t the only source of these critical minerals, but importantly we are one of the most environmentally and socially sustainable potential suppliers. “We need to highlight our competitive advantages to capture more investment and strengthen our ties to major markets, which is what these forums are all about." Queensland experts will present the state’s new economy minerals credentials on November 24 in an online webinar and workshop for the United Kingdom Critical Minerals Association. This is part of an ongoing new economy minerals roadshow across Europe showcasing Queensland as a reliable source of ethically sourced critical minerals. It is targeting selected European raw materials policy makers, supply chain stakeholders and potential investors. Related: Global players back NQ’s TECH project The region's potential will also be marketed to potential South Korean investors at the annual Korea-Queensland business forum on November 30. Mr Stewart said South Korea was Queensland’s third-largest trading partner and a manufacturing powerhouse looking to secure a stable supply of critical minerals. South Korean battery maker LG Energy Solution and conglomerate POSCO recently bought into Queensland Pacific Metals, who are proposing a processing plant in Townsville to produce battery chemicals from imported ores. Potential vanadium hub in North West Minerals Province The latest wave of marketing comes just weeks after the announcement of the state’s first vanadium mine, Multicom Resources’ $250 million Saint Elmo Mine near Julia Creek. Vanadium is used in high strength low alloy steel and also in redox flow batteries, that can be recharged thousands of times. Production will start at 5000 tonnes per year and build to 20,000 tonnes per annum, with about three-quarters of the workforce to come from the local area. Saint Elmo is the first mine approved in a potential vanadium hub in the North West Minerals Province, with other companies progressing other potential mines. Related: Richmond vanadium plans advance to DFS Horizon Minerals and joint venture partner Richmond Vanadium Technology propose a shallow open pit mining operation producing 101.5Mt of oxide ore in the Richmond-Julia Creek vanadium project, centred on the Lilyvale deposit. Vecco Group holds the Debella vanadium and HPA (high purity alumina) project north of Julia Creek in North-West Queensland, and QEM is advancing its Julia Creek vanadium-oil project.

Investment push on new economy minerals

Industry Queensland

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