Connecting the North West Minerals Province to the east coast electricity grid is forecast to generate an extra $132 billion in mining activity by 2050, new economic analysis has found.
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That would mean the Copperstring project would deliver 16 times the benefit for Queensland than from the 2032 Olympic and Paralympic Games.
CuString Managing Director Joseph O'Brien said the ACIL Allen analysis was commissioned as part of the advanced approval process for the 1000-kilometre high-voltage transmission network CopperString 2.0 to connect industry and communities of the North West Minerals Province to the National Electricity Market near Townsville and unlock vast renewables across the region.
Mr O'Brien said CopperString 2.0 was a nation-building project to ensure the North West Minerals Province would no longer be isolated from the national transmission grid.
ACIL Allen had recently completed economic modelling which estimates the CopperString project's Benefit Cost Ratio to be 4.54 with total project net benefits of $9.2 billion, using a 7% discount rate.
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"The development of critical minerals and world-class renewable energy resources should not be constrained by an isolated monopoly gas-powered electricity system and continue to be vulnerable to electricity affordability and reliability challenges of being disconnected from the NEM," he said.
"We are all looking forward to the Brisbane 2032 Olympic and Paralympic Games and a record medal haul for Australia. The North West Minerals Province will deliver a record metal haul and economic windfall for Australia if we give those businesses access to the national grid."
The Queensland Government has released analysis that the Brisbane Olympic and Paralympic Games will provide economic and social benefits of $8.1 billion between 2022 and 2042.
CopperString's boost to GSP is forecast by ACIL Allen to be an aggregate $131 billion for the period to 2050.
Mr O'Brien said the estimated value of known reserves of minerals, including copper, cobalt, zinc, lead, silver and gold, so essential for global efforts for decarbonisation is $740 billion.
In 2020 ACIL Allen did more economic modelling which estimates the CopperString project's Benefit Cost Ratio to be 4.54 with total project net benefits of $9.2 billion, using a 7% discount rate.
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
