ROCKHAMPTON Regional Council has thrown its full support behind the announcement of the Carbine Resources proposal to restart the historical Mount Morgan Gold and Copper Mine operations.
Mr Patrick Walta, Executive Director of Carbine Resources Limited briefed council in a deputation this morning on the Mount Morgan Mine Carbine Resources Project which will see Carbine acquire the mine from its current owner, Norton Gold Fields Limited.
Carbine has reportedly spent $2 million dollars in research and has successfully completed a scoping study to assess the viability of restarting tailings operations to recover the remaining gold, copper and pyrite resources.
Rockhampton Region Mayor Margaret Strelow said the council will support the next chapter of the Mount Morgan Mine which is set to create jobs within the local Mount Morgan community.
"There are so many boxes that this project would tick if it could all come together. I commend this measured approach to bring life back into this mine and if there is anything council can do to provide further support, we will do that," Mayor Strelow said.
Over the next 12 months Carbine Resources will plan financing for the project and look at ways to raise $80 million in order to generate a compelling value proposition to get funded.
"There's no geological risk, and it's well known that resources are there, so this is a significant milestone to find an innovative and economical solution to breathe life back into a mine that has remained dormant for 25 years," Mayor Strelow said.
"To have a process and a processor who is addressing that long term issue and providing employment in the community, which is desperately needed, makes for an exciting future not only for Mount Morgan, but the Region.
"This is the next chapter for Mount Morgan, and we are very keen to see Carbine rehabilitate the site and have it up and running as a mine once again," she said.