The Federal Government has announced an $11 million investment to progress the CopperString 2.0 project to Final Investment Decision in 2021.
Prime Minister Scott Morrison said this support will help deliver this important energy project for the people of Queensland.
“Our support for CopperString is an investment in the future of Queensland that will bring power prices down, create 750 direct construction jobs and unlock the significant economic potential of the North West Minerals Province,” Prime Minister Morrison said.
“Access to affordable and reliable energy supply will help drive new investment and new opportunities, providing a long-term future for families, businesses and local communities from Townsville to Mount Isa.”
Minister for Energy and Emissions Reduction, Angus Taylor, said as Australia recovers from COVID-19, it is critical that we invest in projects that support our economic recovery.
“The Government is absolutely committed to delivering a fair deal on energy for the families and businesses of central and northern Queensland,” Mr Taylor said.
“Connecting north Queensland with the National Electricity Market will help deliver lower cost, reliable power to our important job-creating and export oriented regional industries and increase opportunities for the many other energy projects along the corridor.”
Minister for Resources, Water and Northern Australia, Keith Pitt, said continued support for this project is a key part of the Government’s broader commitment to central and north Queensland.
“Queensland’s mining sector is a significant driver of Australia’s economic success story, and cheaper, more reliable power in the north will continue to support this important industry,” Mr Pitt said.
“Affordable reliable electricity is essential in driving downstream manufacturing and creating more local jobs.
“This will help open up new investment and create new, high-paying jobs for the people of Queensland.”
Member for Herbert, Phillip Thompson, has long been an advocate for CopperString 2.0 as a way to deliver lower power prices and opportunities for North Queenslanders.
“This will be an important boost for the region now as we recover from COVID-19, and well into the future,” Mr Thompson said.
This project will help unlock the full economic promise of the North West Minerals Province and our important job-creating and export oriented regional industries.
The combination of cheaper energy supply will help drive new investment and new opportunities for Australians, providing a long-term future for families and local communities from Townsville to Mount Isa.
Support for CopperString builds on Federal Government action already underway in regional Queensland to bring down prices and improve reliability. The announcement builds on previous support for the project of $5.17 million in 2019.