Mount Morgan gold mine : Heritage Minerals to get NAIF loan for rehabilitation project

Heritage Minerals will receive AUD 66 million ($46 million) loan from the Northern Australia Infrastructure Facility (NAIF) to revive the Mount Morgan gold mine, which is an abandoned gold mine in Central Queensland.

The mining technology company anticipates to use the funds to rehabilitate the Mount Morgan gold mine site by building a tailings processing facility and related infrastructure, including a new water treatment plant.

The planned facility at the Mount Morgan mine site will process two million tonnes of tailings per annum while the water treatment plant will improve water quality in the Dee River.

The Mount Morgan rehabilitation project anticipates to provide 250 new direct construction jobs and up to 150 operational jobs, apart from estimated AUD 849 million ($586 million) in economic and social benefits for the greater Rockhampton region.

Heritage Minerals to get NAIF loan for Mount Morgan gold mine rehabilitation project. Photo courtesy of NAIF.

Madeleine King — Northern Australia and Resources Minister, commenting on the Mount Morgan rehabilitation project, said: “This much-needed project will create jobs and invigorate economic activity in the region.

“It is an excellent example of renewal in the resources industry.

“This is another demonstration of how the Albanese Government is working to support communities in the North to ensure they are set up with sustainable industry for the future.”

The gold and copper recovery from tailings is expected to help meet the growing demand for clean energy resources and improve ecological benefits for the industry and region.

Craig Doyle — NAIF CEO said “The Mount Morgan project is consistent with the Australian Government’s agenda of diversifying economies and creating regional economies.

“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.”

After its operations were shut in 1990, the Mount Morgan gold mine has been managed by the Queensland government, which is also funding the mine rehabilitation project through its Invested in Queensland program.