The Capricorn Copper Recovery and Extension Project, located 120km north of Mount Isa, has been granted special status after it was affected by severe flooding earlier this year.
On the recommendation of the Coordinator-General, the Deputy-Premier declared the project both a prescribed project and a critical infrastructure project.
These declarations will provide certainty around time frames and allow the State Government to offer help and ensure there are no unreasonable delays to the delivery of the project.
Owner of the mine, 29Metals Limited said that over a period of five days from March 6-10, 2023, Capricorn Copper recorded approximately 500mm of rainfall, including two consecutive days of approximately 200 mm of rain on March 8 and 9.
"To put this in context, the aggregate rainfall for five days was the highest five-day rainfall event ever recorded for the Mount Isa region, with the region now having also recorded its highest aggregate wet season rainfall of 1364 mm in the first five months of the regional rainfall year (November 1 to October 31)."
This project will not only bring the mine brought back to full operations, but also investigate the possibility for producing more critical minerals, such as cobalt.
The global demand for critical minerals is rapidly increasing given their key role in the development of renewable energy technology.
Queensland's North-West Minerals Province is one of the world's richest mineral-producing regions.
Deputy Premier Steven Miles said: "We want Queensland to be at the forefront for renewable energy on all fronts, from mining resources and critical minerals to manufacturing the technology, as well as using, and distributing energy stored.
"Encouraging private sector investment and supporting the development of critical mining projects, like Capricorn Copper, will ensure our regional communities can capitalise on the renewable energy opportunity too.
"This project will be vital in boosting the local economy in Mount Isa, generating up to 400 jobs when fully operational," Mr Miles said.
"The Queensland government knows clean energy can create more jobs and unlock new economic opportunities for our state.
"We will continue to invest in projects that will help drive a global green energy transition, and position Queensland as a global leader in this space."
29Metals Limited Managing Director and CEO Peter Albert welcomed the news.
"We are very happy for the Capricorn Copper Recovery and Extension Project to be declared a prescribed project," Mr Albert said.
"Operations at the mine have been significantly affected by rainfall and flooding across the region earlier this year.
"These declarations will help us restore the mine to full operations and enable us to implement significant improvements to secure its long-term sustainable future."
