Labor Vows To Work Toward CopperString 2.0
Proponents of CopperString 2.0, the proposed high-voltage transmission line connecting the North West Minerals Province (NWMP) to Townsville, have welcomed Federal Labor’s commitment to work toward the project’s next stage if elected on Saturday.
The company behind the project, Townsville-based CuString Pty Ltd founded by local resident John O’Brien, wants to make the Townsville to Mount Isa minerals supply chain a world leader in advanced industrial manufacturing targeting an economic impact of $11 billion and more than 5,000 jobs to Queensland.
Mr O’Brien said Federal Labor had made a series of commitments to progress renewables energy projects and infrastructure, including:
• $5 billion in capital to future-proof our energy network – building and upgrading Australia’s energy transmission and distribution systems, such as transmission links to Renewable Energy Zones to access new renewables projects across the country; and
• an additional $10 billion in capital for the Clean Energy Finance Corporation over five years from 2019-20, which can be used to support large-scale generation and storage projects, including solar and wind farms.
“We welcome the commitment by Federal Member for Herbert Cathy O’Toole to prioritise CopperString within these programs,” Mr O’Brien said.
“We are already working with a group of major industrial businesses from across the Townsville to Mount Isa corridor whose commitment to new investment and new employment will be strongly supported by reducing energy costs in the North West Minerals Province.”
“Refining the base-metals from the North West is a critical element of Townsville’s economy and we need to protect these jobs with efficient infrastructure investment as significant risks exist.”
“Townsville has an enormous opportunity for economic growth on the back of global demand for metals commodities, but it won’t land in our lap, we need to invest to protect our businesses and grow new ones.”
“Prior to the election the Federal Government invested $4.7 million for the pre-construction phase and Federal Labor supported that investment.”
In addition to this Federal Government funding commitment, the CopperString 2.0 project has achieved a number of milestones including
◼ registration with the manager of the national energy market, the Australian Energy Market Operator (or AEMO),
◼ a Coordinated Project designation from the Queensland Government and
◼ establishment of a Regional Reference Group focused on economic opportunities for the corridor between Townsville and Mount Isa.