[2] In 1997 SPP/CPM signed a joint venture agreement with the Canadian company Suncor Energy to develop the Stuart oil shale deposit.

In February 2002, due to the restructuring of SPP/CPM, SPP became the holding company for the group's interests, including the Stuart Oil Shale Project.

[4] In February 2004, the Stuart Oil Shale Project was sold by receivers to the newly formed company Queensland Energy Resources, which announced on 21 July 2004 that the plant would be closed for economic and environmental reasons.

[2][3][5] The first stage of the project, which cost A$250–360 million, consisted of an oil-shale mine and an ATP technology based pilot retorting plant at Targinnie near Yarwun.

[10] The Paraho II technology based demonstration plant built in 2009–2011 at the new location consists of a vertical shaft kiln.

Greenpeace also claimed that the Stuart Oil Shale Project was a significant source of highly toxic dioxins and would damage the Great Barrier Reef World Heritage Area during stage 3.

[13] Local residents claimed dioxins emitted from the plant affected their health and that the odour was unacceptable.