The Northern Australia Infrastructure Facility (NAIF) will provide Heritage Minerals with a loan of $66 million to help reinvigorate the abandoned historical Central Queensland gold mine, Mount Morgan.
Heritage Minerals intends to revitalise the Mount Morgan property by purifying old tailings and rehabilitating the site.
Mount Morgan operations ceased in 1990, and the abandoned mine has since been maintained by the Queensland Government, which is also giving financial support to the project through the Invested in Queensland initiative.
The projected Mount Morgan plant will process two million tonnes of tailings annually. The project will include the construction of a new water treatment plant, which will improve water quality in the Dee River.
Minister for Resources and Northern Australia Madeleine King stated that the project is expected to generate 250 new direct construction employment and up to 150 operating positions, with additional indirect jobs and $849 million in economic and social benefits for the greater Rockhampton region.
“This much-needed project will create jobs and invigorate economic activity in the region. It is an excellent example of renewable in the resources industry,” Minister King said.
Minister King has described the move as another example of how the Australian Government is assisting communities in the north in establishing sustainable industry for the future.
Gold and copper recovery from tailings will assist in meeting the rising demand for the resources needed for the clean energy transition while also enhancing environmental results for the region and industry.
NAIF CEO Craig Doyle stated that with the Queensland Government’s assistance, he was confident the project’s proponents would deliver the infrastructure needed to guarantee the region receives the anticipated public benefit.
According to Doyle, the Mount Morgan project is congruent with the Australian Government’s economic diversification and regionalisation aim.
“With this latest investment NAIF continues our momentum in terms of investments approved, projects reaching contractual close, delivering public benefit, and supporting Indigenous outcomes across the north,” Doyle said.
