Queensland Investment Corporation (QIC) has invested A$15 million (US$10.62 million) in copper producer Austral Resources Australia.
The move is to help Austral Resources refurbish the Rocklands Copper Mine and sulphide processing hub in Northwest Queensland, QIC says in a statement on February 20.
The mine ceased production in late 2024. Austral Resources bought it from Copper Resources Australia last September for A$18 million.
According to QIC, its investment will underpin a “disciplined two-year refurbishment programme” of the mine, for a planned restart of production in the middle of 2027.
QIC made the investment through its Queensland Critical Minerals and Battery Technology Fund, A$150 million initiative by the Queensland government to support projects that deliver strategic economic benefits to the state.
“Rocklands provides a strategic opportunity to strengthen Queensland’s copper supply capacity by bringing established processing infrastructure back on line in a disciplined, strategic manner,” according to Joshua Risson, who manages the fund.
QIC is the investment arm of the Queensland state government, with around A$131.6 billion of assets under management as of June 2025.
