Hundreds of jobs are expected to open up in North West Queensland as the state government focuses on unlocking local critical minerals opportunities.
One of the Queensland Government’s first investments in the $250 million Queensland Critical Minerals Fund (QCMF) is set to create up to 200 construction jobs and 60 ongoing roles.
These jobs will support Aeon Metals’ Walford Creek Project, located 350km northwest of Mount Isa.
The Queensland Government describes the project as hosting “one of Queensland’s biggest untapped critical mineral deposits” with an estimated 75 million tonnes of mineral resources, including copper, cobalt, zinc, lead, silver, and nickel.
Aeon Metals was one of the first companies to receive backing from the expanded fund, scoring a $20 million investment to support the completion of Feasibility Studies and resource expansion drilling.
As reported by Mining.com.au, the Queensland Government expanded the fund’s capital base to $250 million in the 2026–27 State Budget.
The QCMF is run by the Queensland Investment Corporation (QIC), which is one of Australia’s largest investment managers and is owned by the state government.
Treasurer and Energy Minister David Janetzki says the Queensland Government is focused on backing regional areas.
“The North West Minerals Province is one of the richest mineral producing regions in the world, potentially holding $700 billion in critical minerals,” Janetzki says.
“Projects like Walford Creek languished under Labor, but the Crisafulli government is determined to ensure Queenslanders reap the benefits of our natural resources.”
Minister for Finance, Trade, Employment and Training Ros Bates says the Queensland Critical Minerals Fund is focused on putting the state at the “forefront of the international critical minerals industry”.
“Critical minerals projects have the potential to transform Queensland and create the jobs and long-term economic growth in our regions which were neglected during Labor’s decade of decline,” Bates says.
Minister for Natural Resources and Mines Dale Last says the state is “well positioned to play a leading role in supplying the critical minerals needed for allied nations”, which will protect sovereignty and global supply chains.
“Queensland has 51 of the world’s critical minerals resources in our backyard and projects like Walford Creek show the scale of the opportunity,” Last says.
“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.
“Walford Creek has the potential to supply the copper and cobalt needed for advanced manufacturing, defence, and technology, which is increasingly important for nations looking to secure their global supply chains.”
Aeon Metals Executive Chair Paul Harris says the company will be able to progress mining studies from the government’s investment.
“This funding will support key development activities including feasibility studies and resource drilling, as we progress the project towards a final investment decision,” Harris says.
“Walford Creek hosts one of Queensland’s largest undeveloped copper-sulphide systems and we look forward to unlocking its potential and delivering long-term value for Queensland through future investment, jobs and economic activity.”
QCMF continues to support explorers
In Central Queensland, QMines (ASX:QML) received a $15 million investment from the QIC’s fund to support development activities at the Mt Chalmers Copper and Gold Project.
The investment, announced in April 2026, made the fund organisation QMines’ largest shareholder.
Last month, QMines began diamond drilling beneath the historic Mt Chalmers open pit.
Flooding has prevented access to the mineralised corridor for decades. The results will support a Definitive Feasibility Study.
QMines is focused on becoming Australia’s next copper and gold producer with a portfolio of assets in Queensland.
Meanwhile, Iltani Resources (ASX:ILT) received $8 million from the QIC in mid-December 2025.
For Iltani, the investment supports the acceleration of work at the Orient Silver-Indium Project in Far North Queensland.
Recently, Iltani returned shallow intercepts exceeding 1,000 silver grade-metres and 1,000 silver equivalent grade-metres from seven drill holes at the Orient Project.
Iltani Resources is an explorer focused on base metals and critical minerals, with a portfolio of assets in Queensland and Tasmania.
Write to Maddison Elliott at Mining.com.au
Images: Aeon Metals & QMines
