Roughly 750 construction jobs for North Queensland are now one step closer after the $1.7 billion CopperString 2.0 project secured a $17 million financing agreement with Korea Zinc Company Limited.
The project proposal includes the construction of a 1,100-kilometre transmission line to connect the North West Minerals Province with the National Electricity Market (NEM). The project will also open up land for the development of more solar and wind generation and support renewable generation capacity for a hydrogen export industry.
Deputy Premier Steven Miles said the project has the potential to be one of the most transformative projects for the North Queensland economy.
“It will transmit energy for new industries and that means supporting new mining, minerals processing and industrial jobs to support development in renewables.”
Minister for Energy, Renewables and Hydrogen Mick de Brenni said CopperString has the potential to connect the North-west to the NEM.
“CopperString will deliver cheaper, cleaner energy, unlocking investment in manufacturing and resources jobs for North Queenslanders.”
Resources Minister and Member for Townsville Scott Stewart added that the International Energy Agency’s latest prediction is that 80 per cent of growth in electricity demand will be in renewables to 2030.
“That means more worldwide demand for critical minerals including cobalt, copper and vanadium,” he said.
“Queensland has the metals needed for renewables and computers, tablets and mobile phones that will be in higher demand.”
CopperString 2.0 is being developed by private Townsville based company, CuString Pty Ltd who is aiming for a construction commencement date of mid-2021.
Once it achieves all government approvals and reaches agreements with the relevant landholders and Native Title groups, construction is expected to take approximately three years.
More information on CopperString 2.0 can be found here.