PERTH (miningweekly.com) – The CopperString 2.0 project, in Queensland, has received a A$17-million boost in the form of a financing agreement with Korea Zinc Company.

The CopperString 2.0 development is a high voltage transmission line that will connect Mount Isa and the North West Minerals Province to the national electricity grid, supplying electricity to existing customers in North West Queensland and delivering opportunities for new industrial facilities and large agricultural and renewable energy projects.

It is hoped that the project would also help unlock the full economic promise of the North West Minerals Province and Australia’s important job-creating and export-oriented regional industries.

The project is expected to create some 750 construction jobs for North Queensland.

Premier Annastacia Palaszczuk said her government had been a long-term supporter of the CopperString2.0 proposal.

“That’s why I announced my government had entered into an implementation agreement with CopperString late last year to provide certainty for the project and the jobs it provides,” the Premier said.

“It’s big projects like this that will help in Queensland’s economic recovery and long term growth opportunities. This builds on our A$50-billion infrastructure guarantee and means jobs, jobs, jobs for North Queensland are a step closer.

“CopperString 2.0 will also open up land for the development of more solar and wind generation and support renewable generation capacity for a hydrogen export industry.”

Resources Minister Scott Stewart said the International Energy Agency’s latest prediction is that 80% of growth in electricity demand will be in renewables to 2030.

“That means more worldwide demand for critical minerals including cobalt, copper and vanadium. Queensland has the metals needed for renewables and computers, tablets and mobile phones that will be in higher demand.”

Korea Zinc vice chairperson Yun Choi said there was great potential for CopperString to strengthen the industrial and clean energy ecosystem across the Townsville to Mount Isa corridor.

“This regional economic development opportunity is important to Sun Metals and Korea Zinc, and is a strong element of our interest in supporting the CopperString project,” Choi said.

“We look forward to continuing our collaboration with the government and CopperString in relation to minerals processing, renewable energy and hydrogen development.”