The Queensland budget will boost CopperString 2032 with a $1 billion downpayment from coal royalties, $594 million of which will be used to begin construction in the coming financial year.
UGL and CPB Contractors of the CIMIC Group have been granted a $20 million early works package for engineering and geotechnical work, bringing Queensland’s next mining boom in critical minerals one step closer.
“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,” Townsville MP and Minister for Resources Scott Stewart said.
“UGL and CPB Contractors, both part of CIMIC Group, are pleased to further strengthen our involvement with CopperString 2032 and to support the Queensland Government to deliver the important infrastructure that will form the Queensland SuperGrid electricity system, and the economic and employment benefits it will bring to communities,” CIMIC Group Executive Chairman Juan Santamaria stated.
The announcement came during the formal launch of Vecco Group’s $26 million Townsville Vanadium Battery Manufacturing Facility, which was funded by the Queensland Jobs Fund.
The new plant will produce the electrolyte required for the production of vanadium batteries, a promising battery technology that will be essential in assisting the world’s shift to renewable energy.
“This is just the beginning of the manufacturing and mining jobs boom that our investment in CopperString 2032 delivers for North Queensland,” Premier Annastacia Palaszczuk said.
“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,” Minister Stewart stated.
According to the Queensland Government, vanadium batteries outlast lithium-ion batteries by up to 20 years, have lower deterioration rates, and are nearly 100% recyclable.
This commitment sets the path for Queensland to employ vanadium batteries in the Queensland SuperGrid, with Energy Queensland agreeing to a trial of a vanadium battery in South-East Queensland with Vecco and Sumitomo Electric.
Energy Queensland and Vecco Group will also collaborate to evaluate the advantages and technical implications of connecting additional vanadium batteries to the power grid.
“Vecco Group’s high-quality vanadium resource in North West Queensland provides an opportunity to build a Queensland vanadium mining and battery manufacturing industry,” Vecco Group Managing Director Tom Northcott noted.
“Maximising local manufacturing and supply chains is an important feature of the Queensland Energy and Jobs Plan with around 36,000 local jobs forecast to be created in industries supporting the development of the Queensland SuperGrid,” Minister for Energy, Renewables and Hydrogen Mick de Brenni said.
“As CopperString 2032 progresses we’re also set to see a number of high quality renewables resources become available in the Hughenden region – a region that has the potential to become Australia’s largest Renewable Energy Zone (REZ),” Minister de Brenni added.
