New energy economy projects worth up to $26 billion are proposed in Queensland, fueled by the world’s growing demand for batteries and innovative technology.
According to the latest Chief Economist Resources and Energy Quarterly report and Resources and Energy Major Projects report, new energy economy resources – such as hydrogen, battery minerals, and rare earths projects – have been the biggest movers in resources and energy nationally over the last year.
Resources Minister Scott Stewart said the findings and forecasts in the papers aligned with the Palaszczuk government’s draft 30-year Queensland Resources Industry Development Plan.
“The Government identified the growing demand for these new economy minerals several years ago and we continue to drive exploration, investment and downstream processing,” he said.
“These latest reports are further proof that our early work is starting to yield results and the state stands to benefit from growth in these minerals.”
“The resources industry and the growing new economy minerals sector are a key part of our economic recovery from COVID-19.”
Aluminium, nickel, zinc, and copper, according to the Resources and Energy Quarterly, are benefiting from the global shift to low-emission technologies.
In the 12 months leading up to October 2021, Queensland exported about $8.6 billion worth of aluminum, bauxite, copper, and zinc.
The importance of critical minerals is underlined in the Major Projects report, which highlights how advances in battery technology and predicted increase in electric vehicle production are driving investment in nickel, cobalt, rare earths, and lithium.
In addition, the analysis predicts a “substantial increase” in resources and energy investment in 2022, with the possibility of greater expansion in later years.
For the first time, Mr Stewart said, the report covered hydrogen and highlighted seven new energy projects in Queensland, including commercial hydrogen production plants in Townsville, Gladstone, and Bundaberg.
“Our economic recovery plan is about identifying jobs in traditional and emerging industries, including hydrogen and manufacturing,” he said.
“That is why one of the proposed actions in our draft resources industry development plan is to review existing legislation to ensure we are ready for hydrogen and other clean resources to be used in our homes.”
High gold prices, according to the report, have led to an increase in restarting gold mines and exploration spending, notably in the precious and base metals sectors.
Heritage Minerals intends to reprocess mine tailings at the historic Mount Morgan gold mine in Central Queensland in 2023, according to the report.
Mining at the site ended in 1990. Several firms have tried and failed to restart operations, which began in 1882.
