The Queensland Resources Council (QRC) welcomes the State Government’s commitment to the CopperString project but warns it must also ensure Queensland remains attractive to resources investors or risk losing the opportunity for any gains due the uncertainty created by sudden changes to royalty rates.
QRC Chief Executive Ian Macfarlane said CopperString has the potential to be a big shot in the arm for the North West Minerals Province. It also unlocks one of Queensland’s most prospective regions for generating renewable energy by connecting Mount Isa to the national electricity market.
“CopperString can help power Queensland into the next growth phase of the resources sector, with the North West home to many of the rare earths and critical minerals the world needs for a decarbonised future,” Mr Macfarlane said.
“CopperString has been talked about for over a decade and we congratulate those behind the project, and those who’ve backed it, to get it to this stage.
“It is a significant investment in the future of North Queensland and the Palaszczuk Government should now be doing everything it can to attract the companies that will deliver the projects that create jobs and economic growth,” Mr Macfarlane said.
“There is no doubt that Queensland’s global reputation as a place to invest in resources projects has taken a big hit following the State Government’s decision to impose the world’s highest coal royalty tax.
“The Palaszczuk Government’s snap decision to introduce the royalty scheme without consultation has created uncertainty for investors, with a number of major companies indicating they will consider other options outside Queensland to invest in projects.
“Make no mistake – the investor uncertainty spreads beyond coal to the whole Queensland resources sector, including critical minerals and rare earths that are the future of the industry,” Mr Macfarlane said.
“Nothing will deter investors committing billions of dollars to major resources projects like a Government that changes the rules without warning, and that’s what has happened in Queensland.
“CopperString offers tremendous opportunities for the resources sector to continue to underpin a strong Queensland economy and provide thousands of jobs. If the Government wants to see the project reach its full potential, it must reconsider the coal royalty tax.
“The Queensland resources sector is the economic driving force for the entire state. We want to ensure that investment continues, but we must keep Queensland competitive to make the most of the opportunities in the decades ahead.”
