General News
26 March, 2025
SEZ would be a game-changer for the North West: Cotter
John Cotter pens an opinion piece on the benefits of a Special Economic Zone.
OPINION | By JOHN COTTER
Mount Isa has long been the beating heart of Queensland’s mining sector.
It is a powerhouse of economic activity that has supported jobs, businesses, and entire communities across the North West Minerals Province.
Yet, as global competition for investment in mining exploration and development intensifies, the need for bold action to secure the future prosperity of this region is vital.
The establishment of a Special Economic Zone (SEZ) in Mount Isa could be the game-changing policy required to deliver lasting economic growth and resilience.
The substance of such a request is all very reasonable.
A tax rebate on exploration is reasonable, a decent environmental bond scheme is reasonable, and encouraging the commercialisation of rehabilitation work is reasonable.
A SEZ is not a new concept.
Such zones have been successfully implemented globally to stimulate investment, streamline regulatory processes, and provide targeted incentives that drive industry growth.
For Mount Isa, a SEZ could be the catalyst for renewed mining exploration, advanced resource processing, and diversification into new industries such as renewable energy and battery minerals.
But why are “reasonable” expectations declared “special”?
SEZs are usually associated with unreasonable policy concessions that wouldn’t routinely be justified.
“Special” is often a euphemism for unjustified and yet, there is nothing unjustified in what is being proposed here.
The benefits of a SEZ would be manifold.
By offering tax incentives, reducing red tape, and providing infrastructure funding, a SEZ would encourage domestic and international investment in the region.
Mining companies, large and small, would find it easier to explore, develop, and process the vast mineral wealth that remains untapped.
Additionally, support for research and development in mining technology could cement Mount Isa’s status as a global hub for innovation in the resources sector.
Beyond mining, a well-designed SEZ could foster economic diversification.
The demand for critical minerals such as copper, zinc, and rare earth elements is set to skyrocket in coming decades due to the global shift towards electrification and renewable energy.
By creating an investment-friendly environment, Mount Isa could attract processing and manufacturing industries that add value to locally extracted minerals rather than simply exporting raw materials. A SEZ would also bring much-needed improvements to regional infrastructure, including roads, rail, and energy supply.
With government and private sector collaboration, enhanced infrastructure would not only support mining operations but also improve the overall quality of life for residents and boost tourism and agriculture.
Critics may argue that SEZs risk creating an uneven economic playing field or reducing government revenue due to tax breaks.
However, the long-term benefits – job creation, increased investment, and a more sustainable regional economy – far outweigh these concerns.
Careful policy design can ensure that incentives are structured to benefit both businesses and the broader community.
Mount Isa has powered Queensland’s economy for decades.
Now, it is time for policy makers to recognise its potential for the future.
A Special Economic Zone would not only secure Mount Isa’s status as a mining powerhouse but also pave the way for a diversified, resilient regional economy that benefits all Queenslanders.
The time for action is now.
John Cotter is the managing director and executive chairman of North West Phosphate.