Business
17 July, 2024
Major vanadium mine near Julia Creek one step closer to approvals
The Vecco Critical Minerals Project is now in the hands of the Coordinator-General.
A major renewable energy initiative to help power Queensland’s energy grid and generate manufacturing jobs has moved a step closer after gaining coordinated project status.
The “coordinated project” declaration from Queensland’s Coordinator-General for the Vecco Critical Minerals Project now paves the way for multiple environmental approvals.
The $798 million proposed project would see an open-cut mine built around 70km north of Julia Creek along with a critical minerals processing plant.
The plant would supply minerals for use in the local manufacture in Townsville of rechargeable batteries for grid scale energy.
The project is predicted to create up to 300 jobs over the construction period, and up to 274 jobs during the mine’s operational phase.
Pending approvals, construction on the project is anticipated to start in 2025, with the operational phase expected to begin in late 2026.
The declaration allows the Coordinator-General to facilitate environmental approvals from the state and federal governments.
“Queensland’s status as a world leader in renewable energy is built on our abundant natural resources and skilled workforce,” said Minister for State Development and Infrastructure Grace Grace.
“We can further enhance this status through an exciting proposal with the potential to further expand the North West’s critical minerals industry and generate local manufacturing jobs.
“With demand for battery storage set to increase tenfold by 2030, this is a once-in-a-lifetime opportunity for Queensland to become a driving force in the development, manufacture, and deployment of new energy storage technologies.
“Our regions are uniquely set up to support the shift to new, high-value industries including battery development, which will shape Queensland’s economic future.”
Vecco Group managing director Thomas Northcott said demand for vanadium flow batteries was rapidly increasing to meet the world’s energy storage demands.
“Australia’s demand for medium and deep duration storage by 2045 has been estimated at over 100GWh by the market operator and vanadium flow batteries made right here in Townsville from Queensland’s minerals can help meet this need while creating good jobs in regional areas,” he said.
“We will be able to integrate mining and manufacturing and apply our expertise in critical minerals into the downstream supply chain to assist Queensland to achieve its renewable energy target.”
Queensland Coordinator-General Gerard Coggan added: “It is important we facilitate and responsibly progress projects that help transition Queensland’s economy and provide pathways to realise the potential for new industry and new jobs creation as we move towards the state’s low emissions targets.
“As Coordinator-General, I will oversee the project evaluation by all government agencies, considering community issues and possible impacts, and requiring an environmental impact statement for this project.”