Hydrogen

Queensland zinc producer makes $17 million financial investment in CopperString 2.0

The parent company of Queensland zinc producer Sun Metals has tipped $17 million to support the advancement of the CopperString 2.0 transmission job, in a deal facilitated by the Queensland federal government.

The CopperString 2.0 project, which will develop a significant transmission network link in between Townsville and central Queensland, secured the additional $17 million financial investment in a handle the Korea Zinc Company.

The advancement of the CopperString 2.0 project is being established by the Townsville based CuString, and the task is anticipated to unlock significant new investment in Queensland wind and solar jobs, which remains in turn anticipated to drive massive new investments in minerals projects.

CopperString 2.0 would see an approximated 1,000 km of brand-new transmission network infrastructure constructed across Northern Queensland, connecting Mount Isa and Townsville at an expected overall expense of $1.5 billion.

The region is host to big deposits of minerals utilized in the production of clean energy technologies like battery innovations and electric lorries, including copper, lead, zinc, nickel and cobalt.

The investment in the task by Korea Zinc Business the is the moms and dad business for the Townsville based zinc producer Sun Metals, follows investments in number of its own solar power tasks, and a prepared to expansion of its operations into green hydrogen production.

The business constructed a 125MW solar farm to supply lower cost power to its zinc operations, and has actually considered additional financial investments in wind and battery storage jobs.

The added investment, which adds to an earlier $11 million in funding supplied by the federal government, will assist the task development towards reaching a last financial investment choice in mid-2021.

The CopperString 2.0 project has likewise received $14.8 million in funding from the Queensland state federal government and received a $5.2 million grant in 2019 to money early preparatory works.

“This funding arrangement jazzs up the considerable chance we need to make the Queensland economy more durable with CopperString’s potential to deliver a 40% reduction in wholesale electricity costs for the North West Minerals Province to drive our international competitiveness in minerals mining and producing and open new industries such as hydrogen,” handling director of CuString Joseph O’Brien said.

“With known resources in the [North West Minerals Province] approximated at $680 billion, we can see the real capacity of having Korea Zinc, who are an international leader in minerals processing, company and value-adding exporter in North Queensland, buying the CopperString task.”

“According to the financial impact analysis, the CopperString 2.0 Project will sustain an additional 3,561 FTE tasks in Northern Queensland typically for the duration to 2050, increase the real financial output of Queensland, and include gross minerals production of $154 billion; and if we can continue our collaboration with the Queensland Federal Government and Australian Government these essential financial and employment benefits will flow throughout Queensland,” O’Brien added.

Chairman of Korea Zinc, Yun Choi, added that the company saw the CopperString 2.0 project as enhancing the tidy energy and minerals industries in the North Queensland region.

“This regional financial development opportunity is essential to Sun Metals and Korea Zinc, and is a strong element of our interest in supporting the CopperString project,” Choi stated. “We anticipate continuing our partnership with the Palaszczuk Federal Government and CopperString in relation to minerals processing, renewable energy and hydrogen development.”

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