Image source: Iltani ResourcesQIC is advancing development of Australia’s largest known silver-indium discovery in Far North Queensland’s historic Herberton Mineral Field, building on more than a century of mining heritage in the region.
An $8 million commitment through the Queensland Government’s Critical Minerals and Battery Technology Fund (QCMBTF) will support exploration and advance development of Iltani Resources’ Orient Silver-Indium Project, which is prospective for silver, indium, zinc and lead.
Development of the project’s Orient East and Orient West deposits could unlock up to 40 million tonnes of ore containing the minerals integral in technologies like solar PV, semiconductors, batteries and advanced electronics.
Minister for Finance, Trade, Employment and Training Ros Bates said the Crisafulli Government was investing in world-class critical minerals exploration and processing for regions steeped in Queensland’s proud mining history.
“From the gold and silver rush of the 1880s, Herberton and Irvinebank are towns that helped build this state,” Minister Bates said.
“Now, more than a century later, we are securing their future by capturing the value of Queensland’s mineral wealth and the jobs, investment and opportunity this brings.
“The Orient Project is recognised as Australia’s largest known silver-indium discovery, and our investment in Iltani ensures we’re not just digging these resources up, but that we are creating lasting value here at home.
“By developing and processing these minerals here in Queensland, local communities like Herberton and Irvinebank are the biggest winners, which is just another way we are showing that Queensland is, once again, open for business.”
QIC Senior Investment Director Jonathan Crombie said the investment reflected the Fund’s focus on scalable projects that contribute to the resilience of global critical mineral supply chains.
Through the Critical Minerals and Battery Technology Fund, QIC is supporting the development of domestic production capacity in materials where Queensland holds geological advantage, but global supply remains constrained and highly concentrated.
Jonathan Crombie - Senior Investment Director
“By supporting Iltani at this stage, QCMBTF can help to accelerate exploration, advance resource definition, and create the foundation for a full-scale mining operation that captures value here in Queensland.
“We see a distinct combination of scale, grade, and favourable mining conditions at Herberton, with mineralisation running continuously across Orient East and West.
“While this provides a strong platform for future growth, the opportunity now is to convert potential into a project capable of supplying advanced manufacturing and renewable energy markets over the long term.”
Iltani Resources Managing Director Donald Garner said the investment was a strong vote of confidence in the world-class potential of the Orient Project.
“With this support, we can accelerate exploration and development of these deposits, taking us closer to unlocking a multi-billion-dollar critical mineral resource for Far North Queensland,” Mr Garner said.
“Silver, indium and zinc are the building blocks of renewable energy and modern manufacturing.
“By advancing this project in partnership with the Queensland Government, Iltani is helping to ensure these materials are not just mined in Queensland, but contribute directly to the state’s energy transition, high-tech industries and manufacturing supply chains.
“Herberton and Irvinebank are towns built on mining, and we’re proud to be part of writing the next chapter in their story.”
Iltani is progressing further drilling, environmental studies, and feasibility work to pave the way for mine development, with more than 200 local jobs expected to be created when the project commences operations.
QCMBTF is a $150 million Queensland Government initiative managed by QIC, with earlier capital investments including Alpha HPA’s sapphire glass project in Gladstone, the Vecco Critical Minerals Project and Ark Mines’ flagship Sandy Mitchell Rare Earths Project.
For more information on QCMBTF, visit Queensland Critical Minerals and Battery Technology Fund.
QIC is a trusted Australian investment manager and sovereign investor, delivering with discipline across a global portfolio of alternative and liquid assets. We manage more than A$131 billion on behalf of around 120 institutional and government clients, providing specialist expertise across infrastructure, real estate, private equity, private debt, and fixed income and multi-asset solutions.
Iltani Resources (ASX: ILT) is an ASX listed company focused on exploring for and developing the precious metals and base metals projects to deliver the metals and critical minerals required to create a low emission future. It has built a portfolio of advanced exploration projects in Queensland and Tasmania with multiple high quality, drill-ready targets. Iltani has completed drilling at the Orient Silver-Indium Project, part of its Herberton Project, in Northern Queensland. The drilling has returned outstanding intercepts of silver-lead-zinc-indium mineralisation, positioning Orient as Australia’s most exciting silver-indium discovery.