The dam was built for Mount Isa Mines and, at the time, was the largest water scheme in Australia financed by private enterprise.

[2] The lake includes picnic areas, pontoons, a ski jump, and water sports facilities.

Transport Bay was so named because tonnes of sand was deposited on the banks of the lake by MIM trucks to create a beach.

[citation needed] The lake was the location for one of Australia's largest stone axe quarries.

[citation needed] In 1984, a species of weevil was successfully used as a biological pest control to contain a proliferation of the weed Salvinia molesta in the lake.