Power project key to unlocking $742b resource wealth

A $742 billion minerals treasure chest in Queensland’s North West Minerals Province will not be unlocked without access to more affordable and reliable electricity, according to energy infrastructure company CuString. Speaking ahead of the Mining and Resources Industry Forum (MRIF) in Townsville today, CuString executive chairman John O’Brien said he was calling on Queensland and Australian Governments to step up their shared commitment to Copperstring 2.0. The $1.7 billion CopperString project would connect Mount Isa’s isolated electricity supply network into the National Electricity Market (NEM) at Woodstock, just south of Townsville. CuString executive chairman John O’Brien. The proposed high-voltage transmission line would also provide connection options through the NEM for mines and industrial customers in the North West Minerals Province, and regional wind and solar resources, and potentially hydrogen production facilities along the corridor from Townsville to Mount Isa. “In May 2020, an independent assessment of the North West Minerals Province estimated the known in-situ, in-ground mineral inventory to be valued at approximately $680 billion, the equivalent revenue of around 10 State Budgets,” Mr O’Brien said. “This ‘treasure chest’ has since jumped by more than $60 billion to $742 billion according to revised estimates, that’s $1 billion every week since the initial study was released 12 months ago and includes substantial resources of ‘new economy’ minerals, including cobalt, copper, gold, graphite, molybdenum, rhenium, silver, vanadium and zinc. “The opportunity for us to develop these resources is massive but our strong view, shared by the State and Federal Governments, is that access to affordable and reliable electricity is a major barrier to development." In the wake of major electricity outages in Mount Isa and south-east Queensland over the last month, Mr O’Brien said CuString was working with government to pull the trigger on its game-changing energy infrastructure. Related: Power outage adds spark to CopperString push “CopperString will extend the national transmission grid through an open access 1100km power network which will not only create greater energy security, it will power the growth of new opportunities for mining, industrial and manufacturing enterprises as well as support clean energy projects,” Mr O’Brien said. “We have the opportunity for a decarbonised minerals and industrial sector, to embrace EVs, and lead the world in hydrogen production; we can enjoy a golden age of economic development if we commit to major infrastructure such as CopperString. “That’s why we are working with the Australian and Queensland Governments to progress CopperString and provide the ‘spark’ to secure the full potential of the great north’s minerals and energy potential." The 2021 North Queensland Mining & Resources Industry Forum is being held in Townsville today at the The Ville Resort- Casino.

Power project key to unlocking $742b resource wealth

Industry Queensland

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