Council Adopts Economic Diversification and Investment Strategy

Council has identified 60 projects, programs and initiatives worth several billion dollars that could be undertaken as part of a long-term economic-diversification strategy for Mount Isa.

The Mount Isa Diversification and Transformation Investment Strategy – focusing on the six key economic pillars of agriculture, critical infrastructure, energy, resources, small and medium enterprises, and tourism – was created in response to last year’s announcement that Mount Isa Mines will cease its Mount Isa copper-mining and copper-processing activities by mid-2025, and shut its copper smelter by 2030, leading to the loss of 1200 jobs.

The strategy aims to identify key priorities, to equip Council for high-level advocacy for Federal Government funding opportunities.

Of the 60 identified economic-diversification projects, programs, and initiatives, the 28 immediate priorities are worth $2.7 billion alone, and include:

• A new copper and critical-minerals smelter;
• New sulphuric acid production facilities;
• New renewable energy projects;
• New decarbonisation initiatives; and
• New transport and infrastructure projects.

Speaking at Council's August 28 Ordinary Meeting, Council CEO Tim Rose said it was vital the State and Federal governments stepped up to support Mount Isa.

"Mount Isa sits in one of the geographic zones that’s abundant with critical minerals and rare earths. Despite this, we have a declining population that’ll be exacerbated by the closure of the copper mine," Mr Rose said.

"Mount Isa City Council cannot of itself do the heavy lifting, and deserves the State and Federal governments to step up at this particular time to assist us in rising like a phoenix from the ashes of economic despair.

"Mount Isa has always been a heavy contributor to the Australian economy, punching well above our weight. But because of our distance from population centres, sometimes we feel like we’re just an assumption on the map.

"We’ve come up with a range of processes that we feel will assist us in becoming what we should become – that is, a powerhouse of the Australian economy. We’d now like to bring these plans to fruition.

"We’ve got everything we need to be successful. This is a start of a significant piece of work that needs to take us on the journey to success."