World demand for North West resources is underpinning Queensland's COVID economic recovery and will power the sector's bright future, according to a new report.
The Queensland Resource Council's state of the sector report for March 2021 quarter is underlining the potential for Queensland's new-economy minerals and jobs of the future, with the North West Mineral Province playing an important role.
The opportunity created by these new sources of demand is substantial. The report cites the International Energy Agency which said a concerted effort to reach the goals of the Paris climate agreement would mean a quadrupling of mineral demand for clean energy technologies by 2040 with electric vehicles and battery storage the driving force behind the demand.
The latest QRC CEO sentiment survey found 72pc of Queensland resource CEOs said the demand for our resources would grow in line with the world's increasing demand for low emission technologies.
Resources Minister Scott Stewart said the State of the Sector report showed international demand for clean energy technology like batteries and renewables would drive a six-fold increase in new economy minerals.
"The Palaszczuk Government has been well ahead of this international trend with our focus on identifying and developing deposits of minerals like cobalt, copper, rare earths and vanadium in the North West Minerals Province," Mr Stewart said.
"Today's report shows that resources chiefs are confident Queensland is also well-positioned as a supplier of these new economy minerals."
Mr Stewart pointed to government initiatives like the five-year $24 million New Economy Minerals Initiative which aims to encourage new exploration, re-investigate old mines and probe the geological information government holds already to foster new discoveries, projects and jobs.
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