The Queensland budget will supercharge CopperString 2032 through a $1 billion downpayment from coal royalties, $594 million of which is committed to start construction over the coming financial year.
A $20 million early works package for engineering and geotechnical work has been awarded to CIMIC Group companies UGL and CPB Contractors, bringing Queensland's next mining boom in critical minerals one step closer
The announcement was made at the official opening of Vecco Group's $26 million Townsville Vanadium Battery Manufacturing Facility, which received support through the Queensland Jobs Fund.
The new facility will produce the electrolyte needed to manufacture vanadium batteries, an emerging battery technology that will be critical to support the world's transition to renewable energy.
Vanadium batteries in comparison with lithium-ion batteries last longer at up to 20 years, have lower rates of degradation and are almost 100 per cent recyclable.
This commitment paves the way for Queensland to use vanadium batteries in the Queensland SuperGrid, with Energy Queensland inking a deal with Vecco and Sumitomo Electric to trial a vanadium battery in South-East Queensland.
Energy Queensland and Vecco Group will also work together to assess the benefits and technical considerations for connecting more vanadium batteries to the electricity network.
Quotes attributable to the Premier:
"I want to see vanadium mined in Queensland, processed in Queensland, and made into vanadium batteries here in Queensland.
"This is just the beginning of the manufacturing and mining jobs boom that our investment in CopperString 2032 delivers for North Queensland.
"Queensland has unique deposits of many of the minerals needed for the global energy transformation, along with the best mining and manufacturing workforce."
Townsville MP and Minister for Resources Scott Stewart:
"There is enormous potential for vanadium mining and production in North Queensland as demand for vanadium batteries continues to rise, and we create a whole supply chain across North Queensland.
"Our government is proudly backing more full-time secure Queensland manufacturing jobs like these, and it's Copperstring 2032 that will unlock the full power of the north.
"If we don't manufacture our future, someone else will.
"About 800 jobs will be supported through project construction, and when completed the new transmission line significantly increases opportunities to connect high quality renewable resources to our region's industries.
"With Joint Venture partners UGL and CPB Contractors now on-board, we will be fast-tracking work on the 500kV transmission line from Townsville to Hughenden as well as associated works to progress the project towards construction commencing in 2024."
