Heritage Minerals expects to achieve its first gold pour within 12 months after announcing this week that it has achieved financial close for its Mount Morgan tailings processing and rehabilitation project.
This came after more than five years of technical studies, design engineering, environmental planning and monitoring, approvals and permits, early works, plant construction, government and community engagement, the company said in an update on social media.
Heritage said it had spent $100 million to date in advancing its plans for the historical Mount Morgan gold site, where mining operations closed in 1990.
Heritage Minerals’ proposed tailings processing plant at Mount Morgan will treat two million tonnes of tailings a year.
The project is expected to support about 250 new direct construction jobs and up to 150 operational jobs.
Heritage said this week it received notice that it had satisfied all conditions to achieve financial close on its debt finance for project.
“Achieving this major milestone has been due to the outstanding support from the community of Mount Morgan as well as the first-class collaboration and support from the three levels of government – Queensland Government, Australian Government and Rockhampton Regional Council,” the company stated on LinkedIn.
“The task of recommissioning and rehabilitating one of the world’s largest abandoned mines is a complex one and many hands have lightened the load.
“We are now one step closer to producing green metals from waste, reducing environmental degradation at the site, as well as delivering substantial economic impact in the region and revenues to the Queensland and Australian treasuries.”