QIC critical minerals fund grows to $250m

QIC's Queensland Critical Minerals Fund (QCMF) has been expanded to$250 million under the Queensland government's 2026-27 state Budget, bolstering its capacity to support the state's critical minerals sector and strengthen domestic supply chains.

The additional funding with enable the QCMF to invest across the critical minerals value chain, from exploration and extraction through to downstream processing, refining advanced manufacturing and recycling, as Queensland seeks to cement its position as a globally competitive supplier.

Since its launch, the fund has committed more than $155 million across nine investments spanning copper, rare earths, vanadium, silica, silver-indium, high-purity alumina and industrial processing projects. Capital has been deployed through a mix of royalty, debt and equity structures.

QCMF fund manager Joshuah Risson said the fund increase reflects the growing strategic importance of Queensland's critical minerals industry amid rising global demand.

"Queensland is increasingly recognised as a globally competitive destination for critical minerals investment, underpinned by world class resource endowments, established mining expertise, growing downstream processing capability and access to international markets," Risson said.

"With global demand only increasing, the opportunity now is to accelerate the development of high-quality projects and ensure they can access the capital required to progress through key milestones."

Risson said the fund's flexible investment mandate allows it to support projects and commodities that can be overlooked by traditional sources of finance, particularly during the early stages of development.

"Many projects require capital for works like drilling programs, feasibility studies, permitting and early-stage development work that can materially improve project quality, reduce risk and enhance bankability," he said.

"Our experience has shown that targeted investment at these stages can accelerate development pathways, validate investment propositions and help crowd-in substantial follow-on capital from strategic investors, lenders and institutional capital providers."

Managed by QIC on behalf of the Queensland government, the QCMF invests through equity, debt and hybrid structures in commercially viable projects that deliver strategic economic benefits to the stare while supporting the development of an integrated end-to-end critical minerals supply chain.