Speech at Meeting of the Mines Conference, Cloncurry

Good morning everyone. 

It’s great to be back in Cloncurry this year for the 4th Meeting of the Mines conference.

I would like to acknowledge the Traditional Owners and custodians of the land on which we meet today and pay my respects to Elders past and present. 

As a Queensland Senator, I see the Meeting of the Mines Conference as one of the most important events in my calendar.

It’s an event which showcases Queensland’s world-leading innovation and expertise, while highlighting the significant economic contribution of mining communities to Australia’s prosperity.

I would like to thank the Cloncurry Shire Council and Mayor Greg Campbell for the invitation to speak with you today.

I also acknowledge other elected representatives here today:

• Queensland’s Natural Resources and Mines Minister Dale Last
• Federal Shadow Minister for Resources Senator Susan McDonald
• State Shadow Minister for Natural Resources and Mines Linus Power
• The regional mayors and councillors here today who are the front line and engine room of some of the most productive regions in this State.

Cloncurry is of course - one of these communities. 

It’s a community that for decades has exemplified the strength and heart of regional Queensland. 

From premium agricultural production to rich mineral deposits – Cloncurry has contributed significantly to Australia’s economy.

And as part of the Northwest Minerals Province, Cloncurry is one of the regions which is well-positioned to benefit from new opportunities as global demand increases for new technologies.

The increasing demand for data centres will require large amounts of copper.

The energy transition is demanding more silver production to build solar panels.

And new battery technologies will require new critical minerals such as vanadium and graphite.

And as the Assistant Minister for Resources, I know that the Albanese Government is ambitious to harness these opportunities and create more good, secure jobs for future generations.

Resourcing Australia’s Prosperity Initiative

Since coming to government in 2022, the Albanese Government has been focused on implementing our agenda to build sovereign capability by making more things in Australia.

In the resources sector, we know that this starts with kickstarting new exploration.

And the Albanese Government, through Geoscience Australia, is rolling out our $3.4 billion Resourcing Australia’s Prosperity initiative.

This program will provide industry with precompetitive geological data to unearth Australia’s untapped minerals potential.

The North West region is central to this investment.

Currently, in partnership with the Queensland Government, we are co-funding the delivery of a coordinated program of geoscientific studies.

This includes the recently completed Boodjamulla-Croydon reflection seismic survey which has provided valuable insight into the subsurface geology over a distance of 840km.

This is in addition to an Airborne Gravity Gradiometry survey which is currently in progress just north of Mount Isa.

Both of these projects will help inform a larger Georgetown – Julia Creek Deep Drive project in the next six years which will provide valuable data to assist in the discovery and development of critical and strategic minerals.

Future Made in Australia

We know that a strong, competitive and modern critical minerals sector is key to realising our industrial future. 

As I mentioned earlier, Australia’s many critical minerals and base metals - which span much of the periodic table - are essential for digital and renewable technologies.

And while Australia has previously been renowned for our extraction of minerals, the Albanese Government sees enormous potential for new economic opportunity further down the value chain.

International partners are looking to Australia to help with solutions to build secure and resilient supply chains.

And if we can harness this opportunity, we will be able to create new opportunity for our regions and build our sovereign capability.

US-Australia Critical Minerals Framework

Late last year, Australia and the US signed a landmark agreement – the US-Australia Critical Minerals Framework.

This agreement commits both countries to invest at least $1 billion each in a pipeline of critical minerals and rare earths projects in Australia and the US.

Within six months of the signing of the Framework, Australia and the US have taken measures to deliver over $5 billion in financing for key critical minerals projects.

This includes three Queensland projects – Graphinex’s Esmeralda Graphite Mine, EQ Resources’ Mount Carbine Tungsten Project, and RZ Resources’ Mineral Separation Plant.

These investments all strengthen longer-term supply for defence, manufacturing, and energy supply chains.

Because we know that Australia cannot develop these resources projects alone.

As has historically been the case, Australia has relied on foreign investment to develop our resources projects.

Just last week, I was reminded of this in Adelaide where I joined business and industry leaders for the 47th Australia-Korea Business Council.

As Australia’s fourth largest trading partner, the meeting was of vital importance for progressing our partnership in key areas such as critical minerals, resources, energy security and decarbonisation.

Our complementary strengths across resources and energy provides unique opportunities to build more resilient and productive supply chains here at home.

It was fantastic to be able to meet with Korea – Australia Business Council Chair Dr Chang In-wha who is the Chair and CEO of Korean business POSCO.

POSCO represents Australia’s largest single export customer and is a significant investor in Australia’s resources sector.

POSCO’s partnerships with Australian industry have been instrumental in securing new critical minerals opportunities in Australia such as Pilbara Lithium Solutions’ Pilgangoora operation and Arafura Rare Earth’s Nolans project.

These are fantastic examples of project partnerships that we want to achieve across Australia, and here in the North West.

Gas Reservation

However, we know to build a Future Made in Australia, businesses must have access to affordable and reliable energy.

Yesterday, the Albanese Government released an Exposure Draft on our Domestic Gas Reservation legislation.

The rationale for these reforms is simple: Australian gas should be available to Australian consumers and businesses at an affordable price.

The draft legislation which is now open to industry for consultation will achieve that rationale.

The Domestic Gas Reservation Bill will impose an obligation on Australian gas exporters to reserve up to 20% of their gas exports for domestic use.

And by targeting a modest oversupply of gas, we will put downward pressure on gas prices to ensure that Australian consumers have access to affordable Australian gas.

And importantly, as we have said from the beginning – our Domestic Gas Reservation Scheme will do this while respecting existing contracts.

Just last week, Resources Minister Madeleine King was in the Northern Territory to witness the first gas flowing from the Beetaloo Basin to Darwin.

I see this as an important development for the North West, with renewed private sector interest in new gas pipeline infrastructure further underscoring its significance.

The North West Mineral Province’s deposits of copper, zinc, vanadium, graphite, and rare earths are valuable, world-class assets.

Thank you for your work in advancing Australia’s economic interests and prosperity. So much of this heavy lifting is done in regional areas.

We can secure this future by continuing to build strong partnerships across industry, government, communities, and our international partners.

It’s been a pleasure to speak with you this morning, and I hope you enjoy the rest of the conference.