The CopperString 2.0 high voltage transmission network from Townsville to the North West Minerals Province has taken a significant step forward with the Northern Australia Infrastructure Facility set to issue their largest loan facility to date.
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Joseph O'Brien, Director of CopperString 2.0 proponents CuString Pty Ltd welcomed NAIF's milestone and said the construction pathway was further strengthened by discussions with top-tier commercial banks who have formally confirmed their support via letters of support to continue working as potential debt financiers.
"The very strong interest from mining and minerals operations and clean-energy projects wishing to connect to the CopperString transmission network and the clear support from the Queensland and Australian Governments' is building confidence and driving progress with financiers," Mr O'Brien said.
The issuance by NAIF of indicative financing terms for CopperString, is particularly important as the project moves towards construction in mid-2021.
Mr O'Brien said developing CopperString's large common-use transmission network is the perfect use for NAIF's capital given the strategic and economic significance of the Townsville to Mount Isa region's world class minerals, energy and water resources and the jobs and benefits that will flow from access to cheaper electricity via the National Electricity Market.
NAIF CEO Chris Wade said they were excited about the potential benefits the project can bring to regional Queensland.
"CopperString is currently going through NAIF's due diligence phase which is when NAIF works with the potential borrower to get a deeper understanding of the project and further assess the project", Mr Wade said."
CopperString 2.0 has a three-year construction program creating new 750 jobs, and 3560 operational jobs over 30 years.
Mr O'Brien said that the support of NAIF and the Australian and Queensland Governments was essential to ensure the major common use transmission network can be delivered to drive significant improvements to mining and minerals processing capacity and exports from the $680 billion of known minerals resources in North West Queensland.
"The world needs our resources of copper, zinc, silver, lead and other new-economy minerals and rare earth elements essential inputs for products such as smart phones, electric vehicles, solar panels, and battery storage," Mr O'Brien said.
"If the CopperString transmission line is constructed and connects the North West Minerals Province to the national electricity grid, it is forecast that an estimated $154 billion (in aggregate) of additional gross minerals production will be generated over the next 30 years."
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