The promoters of the $1.7 billion CopperString 2.0 transmission line says they have reached an important milestone, with approval from the Electricity Transmission Authority for the proposed new link between Townsville and Mt Isa.
Copperstring is one of the major new transmission projects and is designed to unlock both major renewable energy resources, and some key mineral provinces that would otherwise not be developed.
“This backbone infrastructure will power North and North West Queensland’s staggering economic potential which is linked to electrification and decarbonisation of the world’s economy,” said Jon O’Brien, the CEO of CuString, the link proponents.
“The unstoppable energy transition underway across the globe plays right into the hands of North and North West Queensland because of our immense mineral and clean energy resources, and our existing capability to produce and export these commodities.
“In an electrified world Northern Queensland has the sort of opportunity that Texas had in an oil-powered world 150 years ago.”
O’Brien said the Transmission Authority give CuString permission to operate a transmission grid in Queensland, but more approvals are needed. along with negotiations with state and Federal governments, major minerals businesses, clean energy projects, and the Northern Queensland community.
The high-voltage transmission network will deliver opportunities for new mines, manufacturing, industrial facilities, renewable energy projects and large agricultural projects.
It estimates the flow-on economic benefits to total $40.8 billion in terms of economic growth, and $6.7 billion in additional royalties and taxes.