QRC welcomes step forward for critical minerals investment

The Queensland Resources Council (QRC) has welcomed the Queensland Government’s announcement of prescribed project status for the planned $470 million Multicom Resources Limited Saint Elmo vanadium project near Julia Creek.

“The resources sector underpins the Queensland economy and supports more than 372,000 jobs. To ensure ongoing jobs for decades to come, it is essential that investments are made now in new projects and new mines,” QRC Chief Executive Ian Macfarlane said.

“This planned mine is in the North West Minerals Province which has been identified as one of the growth areas of the future including for new and emerging commodity markets.

“Queensland has a leading role to play in the development of the critical minerals industry.

“These new critical minerals projects will deliver new jobs in regional Queensland, and will play a strategic role for Australia in terms of defence industries, manufacturing, trade and regional development.

“Vanadium is just one of the critical minerals the Queensland resources industry can mine and process.

“Queensland has globally-significant reserves of copper, nickel, zinc, graphite, and molybdenum and major deposits of cobalt, rhenium, scandium, tantalum, niobium and lithium.

“Investments in new critical minerals projects will add to the coal, gas and minerals industries which already underpin the Queensland economy.

“It’s important that Queensland has the right policies in place to attract the investment to translate our opportunities in critical minerals into a reality.”

The Saint Elmo vanadium project also received Major Project Status from the Australian Government in December last year.

Mr Macfarlane said clear timelines for assessments for both state and federal approvals were essential to attract new investments in the resources sector.

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