$17 Billion Copper Mine Project Faces Local Investment Demands
Cloncurry,Queensland – A new copper mine project,poised to inject $17 billion into the Queensland economy,is facing calls for significant local investment from the Cloncurry Shire Council. Harmony Gold acquired the project from Canadian copper Mountain Mining Corporation in 2022 for over $300 million, and it received $20.7 million in funding from the state government’s Mount Isa mining acceleration Program last year, intended to revitalize the region following the closure of the Mount Isa Copper Mine.
The Council is proposing that mining companies undertaking projects exceeding $50 million invest 1% of the project’s total capital value into local housing for staff. Councillor Campbell emphasized the need for long-term community benefits, stating, ”To see growth in our community, to see new people come to town for jobs, and you’re seeing that long-term benefit of the mine… We’re not just being left with a great big hole in the ground.”
The project is projected to create 450 jobs, and the Council is advocating for at least 30 to 40 of those positions to be filled by residents of Cloncurry, reducing reliance on fly-in fly-out workers. “There should be no reason why the company can’t come out and commit to having their senior superintendents or managers to be in town and reap the benefits of having a great mine job and living in a great community simultaneously occurring,” Cr Campbell said. He questioned what tangible benefits Cloncurry woudl receive, adding, “What tangible benefits can Cloncurry expect to see from it? That’s my question for the company and for the state government.”
However, the project’s timeline remains uncertain, hinging on the future of the multi-billion-dollar copperstring power project in North Queensland. Harmony Gold chief advancement officer Johannes Van Heerden stated in May that the company’s board requires “certainty in terms of some of these outcomes” before making a final investment decision. He warned that if CopperString does not proceed as planned, the mine would be delayed while alternative energy solutions are explored, stating, “Investment needs certainty.”