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At a time when the world is desperate to mine and process critical minerals, an expanse of land stretching almost 400,000 square kilometres in Queensland's deep north is a place of abundance. US President Donald Trump and Australian Prime Minister Anthony Albanese have each agreed to spend $US1 billion in the next six months to unlock a $US8.5 billion pipeline of critical mineral projects. According to the deal, two strategically significant projects in other states — the Alcoa-Sojitz project in Western Australia and Arafura's Nolans project in the Northern Territory — have been prioritised. So while the promise of billions has been made, not a single dollar from the deal has so far been dedicated to mineral-rich North West Queensland. Experts say production delays may also stall profits flowing to the region. So what will such an enormous deal on the world stage really mean for one of Australia's biggest mineral deposits? Speeding up development North West Queensland is home to about 75 per cent of the state's base metal and mineral capabilities. There are already about 14 critical mineral projects spanning the 380,000-square-kilometre region, an area slightly larger than Japan. But despite the richness of resources, many mines are not yet in operation. Vanadium is a natural soft metal and critical mineral, used to develop steel alloys, large-scale energy battery storage, and is in high global demand. Andrew Napier heads Multicom Resources, owner of the Saint Elmo vanadium mine, which is the closest to operation. But the project outside Julia Creek is still three years away from commercially exporting the mineral, despite work starting a decade ago. Mr Napier said it could take 13 to 17 years to develop a project from inception to operations. "That is debilitating for junior miners and startup companies like ours," he said. He said projects across North West Queensland might not immediately benefit from the deal in Washington, but he hoped it would speed things up. "If they are able to access the finance, they'll be able to perform their research and their exploration faster," he said. Another vanadium project nearby aims to include a manufacturing plant capable of developing vanadium electrolyte, a liquid used in high-storage batteries. Critical Minerals Group owns the Lindfield project, and chief executive Scott Winter said the US deal was recognition of Australia's potential. He said the deal would attract money for the region's resources, particularly mining developments. "Initial investment to help the assets get off the ground is critical … if we could secure offtake from a US customer or the US government, it is paramount," he said. "If you don't get some of these projects off the ground quickly, then other supply chains are established in other countries, and they start to fill the market." Mining boom takes time Director of the Sustainable Minerals Institute at the University of Queensland Rick Valenta said one of the biggest challenges would be building the supply chains to move the resources. He said even long-established industries such as copper mining faced the same obstacles. He said if the recent deal with the US translated to more investment in the sector, it had the potential to cut down development time. CSIRO critical minerals lead Chris Vernon said the resources hidden in Queensland's outback meant the industry was now in direct competition with China, which had become a dominant player. Mr Vernon said the US deal meant many more companies would seek to find critical minerals in Australia. And he said hopeful miners would have a solid idea of where they might strike it lucky. "It'll definitely prompt further exploration, but on the understanding of where we might have those deposits that have been really well done by Geoscience Australia," Mr Vernon said. "We're in a really good position."
