24 June, 2019 –
The North West Mineral Province (NWMP) contains about 75 per cent of the state’s base metal and minerals, including copper, lead, zinc, silver, gold, cobalt and phosphate deposits.
Now the NWMP has the potential to become the ‘cobalt capital’ of Australia.
Cobalt is a key ingredient in the production of mobile phones, wind turbine generators and electric cars, and it’s also key for the next phase of the renewable revolution.
The Queensland Government’s core library at Mount Isa supports industry in providing essential geological information to help explore for these essential metals.
It is exciting to see this core library being used in conjunction with the Geological Survey of Queensland’s geo-science database, offering physical and digital information to help find more of these valuable commodities in Queensland.
The Palaszczuk Government has announced freight charges will be discounted, and a new container terminal built at the Port of Townsville to support an already beefed up five-year line maintenance budget to support North Queensland’s resource industry.
This investment is squarely aimed at promoting mining and exploration in the state’s north west.
The Palaszczuk Government will contribute $30 million towards the freight terminal’s construction, with the Port of Townsville providing the remaining $18 million.
A further $80 million dollars over four years will be provided to reduce rail access charges on the Mount Isa Line, to drive the shift from road to rail.
To meet the world’s thirst for cobalt and other battery minerals the Palaszczuk Government is investing $39 million in the Strategic Blueprint for Queensland’s North West Minerals Province.
This is in addition to the $3.6 million we’ve invested in the Collaborative Exploration Initiative (CEI) to help deliver significant economic benefits to Queensland for decades to come.
Our CEI grants program from the last two round has helped 21 companies, such as Aeon Metals, with funding. CEI has been run for over a decade to help meet growing global demand for the battery minerals and rare earths in this highly prospective region.
Resources is one of our most important export sectors and we want to encourage the world to invest in Queensland.