The Australian Government has awarded a Major Project Status for the Multicom Resources Limited Saint Elmo Vanadium project near Julia Creek in North West Queensland.
The Saint Elmo Vanadium Project will develop an open cut mine for the production of vanadium, a key material in manufacturing batteries, particularly suited to renewable energy storage. It will create more than 200 jobs during construction, with hundreds more to follow once the mine is operational and as its output grows.
Minister for Industry, Science and Technology Karen Andrews said not only do projects like this hold enormous economic potential for local communities, they also generate millions of dollars for the Australian economy.
“Granting Major Project Status demonstrates the Morrison Government’s support for companies with nation-building plans, especially in areas which are of significant value to overseas markets.”
Minister for Resources and Northern Australia Matt Canavan said there is increasing global demand for rare earths and valuable resources like vanadium, which are on the critical minerals list in Australia and the US.
“Australia is cementing its place as a powerhouse for critical minerals and rare earth production now and into the future,” Minister Canavan said.
North Queensland Senator Susan McDonald said the North West Minerals Province can potentially provide long-term, well-paying jobs for thousands of people, long into the future.
“The advent of rare earths comes at a perfect time to complement existing mining ventures and gives young people an incentive to stay or move to our brilliant Outback.”
Executive Director of Multicom Resources Limited Nathan Cammerman said the designation sends a clear signal to our international partners that the Australian Government is committed to enabling critical minerals projects.
“Support with the final project construction and development approvals required for the project will also help towards significant employment and economic outcomes for the Julia Creek and broader North Queensland region,” Mr Cammerman said.
Construction of the Saint Elmo Project is expected next year, with the first vanadium exports in 2021.