The $798 million Vecco Critical Minerals Project in Queensland has been declared a coordinated project by the State’s Coordinator-General, paving the way for the granting of multiple environmental approvals.
The coordinated project status will enable the Coordinator-General to facilitate environmental approvals from both the Queensland and Australian Governments.
“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.
“The community and stakeholders should have a say in evaluating the economic, social, and environmental effects. The coordinated project declaration allows this to happen in a consistent and considered and sequenced way.
“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.
“The declaration fosters a whole-of-government approach to developing critical mineral projects and to support positive outcomes for North West Queensland communities,” Queensland Coordinator-General Gerard Coggan said.
The proposed project will include:
The greenfield vanadium, high purity alumina and molybdenum mine and processing plant, once completed, will produce up to 8,000 tonnes per annum (tpa) of vanadium as well as 4,000 tpa of high purity alumina and 600 tpa of molybdenum over a 17-year period.
The processing plant will supply minerals used in the local manufacture of rechargeable batteries for grid-scale energy in Townsville.
“Queensland’s status as a world leader in renewable energy is built on our abundant natural resources and skilled workforce.
“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 future,” Minister for State Development and Infrastructure Grace Grace said.
Vecco’s Critical Minerals Project is anticipated to create up to 300 jobs during its construction and approximately 274 jobs once the mine is operational.
Subject to the granting of necessary approvals, construction is expected to commence in 2025 and the mine to be operational by late 2026.
“Demand for vanadium flow batteries is 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.
“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,” Vecco Group Managing Director Thomas Northcott said.
Source: Queensland Government – Media Statements; Queensland Government – State Development and Infrastructure; Australian Mining; Yahoo! Finance; Mining Technology