American money is starting to look north. Officials from the United States government flew into Brisbane to size up Queensland’s critical minerals, the copper, zinc and cobalt that go into everything from fighter jets to phone batteries.
They came at the invitation of the Queensland Exploration Council (QEC) and the American Chamber of Commerce, who put the state’s mining prospects in front of the U.S. Development Finance Corporation, the U.S. Department of Commerce and U.S. Consul General Jeremy Cornforth at the Critical Minerals Investment Pathways event.
Queensland Resources Council (QRC) chief executive officer Janette Hewson said the state was ready to be more than a quarry.
“Queensland has the resources, the expertise and the investment opportunities to become a global critical minerals powerhouse,” Hewson said.
What struck her was that the Americans did much of the talking up.
“It was very encouraging to hear our American speakers talk about the important role Queensland can play in opening up new global supply chains for critical minerals and the significant opportunities for new investment into Queensland through US, Australian and Queensland government investment,” she said.
Export Finance Australia, the Department of Foreign Affairs and Trade, Austrade and the Queensland Investment Corporation shared the floor, alongside Queensland Minister for Natural Resources, Mines, Manufacturing, Regional and Rural Development Dale Last.
The event followed the release of the Queensland Government’s Critical Minerals Strategy, which puts $250 million into a new Critical Minerals Fund.
QEC chair Kim Wainwright said that money changes how investors read the state.
“The Government’s Critical Minerals Strategy is a welcome step forward, particularly its commitment to coordinated industry development, faster approvals, common-user infrastructure and a $250 million Critical Minerals Fund,” Wainwright said.
Turning interest into mines still comes down to steel and power. Most of Queensland’s critical minerals sit in the North West Minerals Province around Mount Isa, a region rich in copper but cut off from the national electricity grid.
Hewson wants the Mount Isa to Townsville rail corridor upgraded and energy projects such as CopperString built out before that copper can move.
“Investment follows confidence. Queensland has world-class critical mineral opportunities and now is the time for investors to take a closer look,” Hewson said.