Copperstring powering jobs and confidence

This afternoon, following the meeting of the Queensland Community Cabinet in Townsville, the Premier announced that the Government would spend $1.3 billion on the Copperstring project ahead of its confirmed construction start date in mid 2024. This is an additional $700 million above what had been committed in the 2023/24 State Budget.  

This announcement will support long lead time procurement for material to support construction as well as create 100 jobs immediately.  

We congratulate the Government on the announcement. Copperstring is building investor confidence in our region. Ensuring this project is now underway with procurement commencing will be a boost for many businesses in our region. As the peak economic development body for Townsville North Queensland, we commit to our continued advocacy work to help realise our region's potential as a renewable energy, and critical mineral and base metal power house.

Since the announcement of Glencore’s decision to close its Mount Isa copper mining operations in 2025, We have been strongly advocating for the need to get projects underway as quickly as possible, including important nation-building projects like Copperstring and the Queensland Pacific Metals - Townsville Energy Chemicals Hub (TECH) project. Today's announcement is a huge win for the North and North west Queensland community. 

Today, Townsville Enterprise CEO Claudia Brumme-Smith, Chairman Kevin Gill and Board Directors were pleased to host the Queensland Treasurer and Minister for Trade and Investment, the Hon Cameron Dick MP and the Hon Scott Stewart MP, our Member for Townsville and Minister for Resources at a Roundtable discussion. 

Townsville Enterprise Bronze and above members canvassed a number of issues including the importance of shoring up investor confidence following Glencore’s announcement, as well as the very pressing needs of our region in providing housing to our rapidly growing workforce.

North Queensland is booming. The 2.7% unemployment rate is being driven by significant investment in resources, infrastructure and defence. However, it’s important that we learn the lessons from the past by making sure we continue to have a strong pipeline of projects driving our region forward to avoid abrupt industry closures that our region has previously witnessed. Importantly, the Treasurer was able to confirm that at least $50 million has been allocated to support an economic support package and accelerating new projects in Mount Isa. The Treasurer also confirmed Glencore’s ongoing commitment to refining and smelting operations in North and North West Queensland.

Townsville Enterprise also took the opportunity to meet with the Minister for Housing, the Hon Megan Scanlon MP about the acute housing shortages being faced in our region. Today’s meeting was an opportunity to talk to the Minister about the additional costs faced by developers and home buyers in building and financing new housing in our region. Namely, costs of materials and insurance. We have been advocating for a number of innovative housing options to support the development of new accommodation in North Queensland, including Build-to-Rent options and having additional government funding support quarantined to regions hit hardest by the acute housing shortage. Our residential vacancy rate currently sits at under 1%. The Minister made a commitment to return to Townsville for further discussions with our members in the near future. We will continue to advocate for innovative housing solutions for our region.