The Capricorn copper mine owned by 29Metals, which was severely damaged by flooding earlier this year, will get full support from the Queensland government in order to recover.
The Queensland government said that the project, which it has now designated as vital infrastructure, will help the mine resume full operations and guarantee the company’s long-term security.
In addition to restoring the mine to full production, the Capricorn copper recovery and extension project seeks to explore the possibilities of generating additional essential minerals, such as cobalt.
“From resource and critical mineral mining to technology manufacturing and energy storage and distribution, we want Queensland to lead the way in renewable energy,” Deputy Premier Steven Miles stated.
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“To ensure that our regional communities can benefit from the renewable energy opportunity as well, we must encourage private sector investment and support the development of critical mining projects like Capricorn copper.”
When fully operating, the mine, which is situated around 120 km north of Mount Isa in northwest Queensland, can support up to 400 full-time employees.
According to Miles, “This project will be crucial in boosting the local economy in Mount Isa.”
The Queensland government is aware that renewable energy may boost employment and open up new business prospects for the region.
“We will keep funding initiatives that contribute to the global shift to green energy and establish Queensland as a pioneer in this field,”
On the Queensland Coordinator-General’s advice, the project was deemed a prescribed project. Peter Albert, the managing director and chief executive officer of 29Metals, expressed gratitude for the support.
He remarked, “We are delighted that the Capricorn copper recovery and extension project has been designated as a prescribed project.”
“With the support of these declarations, we will be able to fully reopen the mine and make important improvements that will ensure its long-term sustainability.”