Mount Isa's blueprint represents a lifeline for the town in north-west Queensland facing hundreds of job losses when Glencore shutters its underground copper mining operations later this year.
The launch of Mount Isa City Council's economic plan follows the federal government's $2.4 billion bailout package to save the Whyalla steelworks in South Australia.
Mount Isa Mayor Peta MacRae said bold assistance was needed from state and federal governments to ensure the Queensland town could survive and thrive.
"The pending closure of Glencore's underground operations is a huge loss for Mount Isa," she said.
"But when one door closes, many more are opening to protect our workforce and build the industries, infrastructure and services we need for the future."
Developed by council with The Next Economy and Climate-KIC Australia, the plan is all about positioning the region to benefit from decarbonisation.
Mount Isa has the potential to be a "global player" in producing and exporting critical minerals and materials but that hinges on major infrastructure investments, including the timely completion of CopperString 2032 to connect the town to the national energy grid.
The council is already exploring repurposing legacy mining assets for gravitational energy storage systems with Green Gravity and Glencore.
Embracing a more diverse agricultural sector and pursuing new tourism opportunities were flagged as further avenues to build resilience into the economy.
The Next Economy chief operating officer and project lead, Liz Webb, said business-as-usual economic development was no longer enough for historic mining regions like Mount Isa.
She said the vision for the area was ripe for investment under the federal government's Future Made in Australia bill.
"New industry development is complex, and takes time," she said.
"Mount Isa is ready for this challenge, and will be successful with the right co-ordination, support and investment."
