North Queensland is a step closer to unlocking 750 construction jobs as the proposed $1.7 billion CopperString 2.0 project secures a financial agreement with $17 million with Korea Zinc Company Limited.
“It’s big projects like this that will help in Queensland’s economic recovery and long-term growth opportunities.
“CopperString 2.0 will also open up land for the development of more solar and wind generation and support renewable generation capacity for a hydrogen export industry,” Premier Annastacia Palaszczuk said.
According to Deputy Premier Steven Miles, the project has the potential to transform the North Queensland Economy.
“It has the potential to be the most transformative project for the North Queensland economy since the construction of the Great Northern Railway reached Mount Isa in 1929.
“It will transmit energy for new industries and that means supporting new mining, minerals processing and industrial jobs to support development in renewables,” Mr Miles said.
The more than one-billion-dollar project will deliver a 1,100-kilometre transmission line that will connect the North West Minerals Province to the National Electricity Market (NEM) and will support up to 750 jobs during its construction phase.
“This is another vote of confidence from industry that Queensland is the place to invest in the future of energy.
“CopperString will deliver cheaper, cleaner energy, unlocking investment in manufacturing and resources jobs for North Queenslanders,” Minister for Energy, Renewables and Hydrogen Mick de Brenni said.
The International Energy Agency has predicted that approximately 80 per cent of growth in the demand for electricity will be from renewable sources by 2030.
“That means more worldwide demand for critical minerals including cobalt, copper and vanadium.
“Queensland has the metals needed for renewables and computers, tablets and mobile phones that will be in higher demand,” Resources Minister and Member for Townsville Scott Stewart said.
Korea Zinc Vice Chairman Yun Choi said that he sees big potential for CopperString to strengthen the industrial as well as clean energy ecosystem across the regions from Townsville to Mount Isa.
“This regional economic development opportunity is important to Sun Metals and Korea Zinc, and is a strong element of our interest in supporting the CopperString project.
“We look forward to continuing our collaboration with the Palaszczuk Government and CopperString in relation to minerals processing, renewable energy and hydrogen development,” Mr Choi said.
Korea Zinc Company Limited is the parent company of Townsville-based zinc producer Sun Metals.
The $1.7 billion CopperString 2.0 transmission line project is being developed by CuString and it is proposed to run from a substation on the Ross to Strathmore transmission line located south of Townsville to a substation near Cloncurry and then onwards to Mount Isa.
The project development team is currently working on finalising design, engineering, environmental approvals as well as finance and construction on CopperString 2.0 is anticipated to commence by mid-2021.
Source: Queensland Government – Media Statements; Renew Economy; CopperString 2.0