I believe construction for CopperString 2.0 will be underway by the middle of next year.
As chair of the North Queensland Sustainable Resources Reference Group of CopperString 2.0, I have always backed the project and we are not far away from getting on with it.
The proposed 1,100 kilometre transmission line could deliver lower electricity prices to the region and provide a massive benefit to industrial customers along the Mount Isa to Townsville export supply chain.
Lower power prices are a key input to our regions success and they will drive the regions competitiveness as a world class resource basin with real growth potential.
The preliminary findings of leading experts in global mineral markets and geology of the NWMP have identified significant value of in-ground resources and potential growth in Mineral production and employment as a result of access to the National Electricity Market via the CopperString transmission line.
Expert analysis showed that the remaining mineral resources of the MWMP have in situ value of approximately over US $400 Billion.
This included new economy mineral resources which have a current in - ground value of approximately over US $300 billion.
These preliminary findings are significant and they really do show what Mount Isa residents have always known - this region has an incredible wealth of resources in the ground and we just require the right infrastructure and support from Governments and Industry to be able to deliver the project.
The proposed $1.5 billion High Voltage Transmission Line, which will connect Mount Isa's isolated electricity supply network into the National electricity Market at Townsville, will ensure reliable and competitively priced electricity will underpin growth in the NWMP and the minerals mining and processing industry across the corridor.
These findings show that tailings deposits has an estimated in situ value of over AUD $50 Billion.
However to deliver these deposits we require low energy costs to process.
It will be a big vote of confidence in North and North West Queensland if we can deliver the project because it will create 750 jobs during construction.
As well as up to 30 operational jobs, CopperString 2.0 will also use an estimated 60,000 tonne of steel for transmission towers and reinforcements in foundations and 125,000 cu metres of concrete, so the construction task is huge with a potential for direct and indirect benefits to local communities along the Mount isa to Townsville corridor.
Subject to receiving all approvals, construction of the CopperString 2.0 project is anticipated to commence in the first half of 2021.
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