Anthony Lynham.
The North West Minerals Province (NWMP) has the potential to become the ‘cobalt capital’ of Australia.
The NWMP could become a key global supplier of cobalt, critical in the production of electric cars, natural resources minister Dr Anthony Lynham says.
Speaking in Mt Isa just after the Palaszczuk Government’s half a billion-dollar Budget announcement to boost freight exports on the Mt Isa line, Lynham says cobalt is a key ingredient for the next phase of the renewable revolution.
“The Queensland Government’s core library at Mount Isa supports industry in providing geological information to help explore for these essential metals,” he says.
“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 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.
The 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 $18m.
A further $80m over four years will be provided to reduce rail access charges on the Mount Isa Line, to drive the shift from road to rail.
The North West Mineral Province contains about 75% of the state’s base metal and minerals, including copper, lead, zinc, silver, gold, cobalt and phosphate deposits.
“To meet the world’s thirst for cobalt and other battery minerals the Palaszczuk Government is investing $39m in the Strategic Blueprint for Queensland’s North West Minerals Province,” Lynham says.
“This is in addition to the $3.6m 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.”
Aeon Metals exploration manager Dan Johnson says their flagship asset and highest priority tenement was the 100% owned Walford Creek Project about 350km north west of Mount Isa.
“This project is an advanced world-class copper-cobalt project and one of the highest grade significant cobalt deposits in Australia.”
