The Queensland Government has begun deploying capital from its expanded $250 million Queensland Critical Minerals Fund, with a $20 million investment aimed at advancing development of one of the state’s largest undeveloped critical mineral deposits.
The investment is among the first from the strengthened fund, which received an additional $100 million in this year’s Queensland Budget as the Crisafulli Government seeks to accelerate development of the state’s critical minerals sector.
Queensland Investment Corporation (QIC) is leading the $20 million investment into the Walford Creek Project in northwest Queensland, around 350 kilometres northwest of Mount Isa.
The project contains an estimated 75 million tonnes of mineral resources including copper, cobalt, zinc, lead, silver and nickel. The funding will support feasibility studies and resource expansion drilling as the project moves towards a potential final investment decision.
Aeon Metals, which owns Walford Creek, said the investment would help advance the technical work required to progress the project.
Government targets critical minerals growth
The Queensland Critical Minerals Fund is intended to support new mining and processing projects, including the reopening of historic mines and the recovery of critical minerals from tailings.
The government has also launched its Delivering Queensland's Critical Minerals Future 2026-2030 strategy, designed to position the state to respond to rising global demand and changing international supply chains.
Treasurer and Energy Minister David Janetzki said the North West Minerals Province represented a major opportunity for further investment.
“The North West Minerals Province is one of the richest mineral producing regions in the world, potentially holding $700 billion in critical minerals,” Janetzki said.
“Further unlocking critical minerals opportunities … will help deliver even more benefit to Queensland’s economy.”
The government expects the Walford Creek investment to support up to 200 construction jobs and around 60 ongoing roles if the project proceeds into development.
Focus on attracting investment
Finance, Trade, Employment and Training Minister Ros Bates said the Queensland Critical Minerals Fund was intended to help bring more projects into development while positioning Queensland more strongly in international critical minerals markets.
Natural Resources and Mines Minister Dale Last said Queensland had resources containing 51 minerals considered critical globally, with the North West Minerals Province expected to play an important role in supplying minerals required for advanced manufacturing, defence and technology.
“The North West Minerals Province is one of Australia’s great resource regions, and this investment is about turning more of its mineral potential into producing projects,” Last said.
The government is also planning to make critical minerals investment a focus of the Premier’s upcoming trade mission, with meetings scheduled with government representatives and private investors.
The expanded fund and broader critical minerals strategy form part of the government’s push to attract private capital, advance projects towards production and increase regional employment and economic activity across Queensland.