Mount Morgan Tailings Processing and Rehabilitation Project
NAIF’s loan of up to $66 million is supporting Heritage Minerals to reprocess tailings and rehabilitate the historic Mount Morgan mine site, driving environmental restoration, job creation, and economic growth in Central Queensland.
December 2022
Resources
Mount Morgan, QLD
The Northern Australia Infrastructure Facility (NAIF) is investing up to $66 million to support Heritage Minerals' construction of a Tailings Processing and rehabilitation infrastructure in Mount Morgan, Queensland. The project is expected to deliver broad public benefits, including job creation, local procurement opportunities, and long-term environmental improvements for the Central Queensland region.
About Heritage Minerals
Heritage Minerals is a technology company renowned for its expertise in processing gold tailings found in abandoned mines. Using exclusive proprietary technology, the company excels in recovering valuable metals and undertaking cost-effective environmental restoration.
With its innovative approach, Heritage Minerals addresses the economic challenges associated with treating low-grade tailings. Combining world-class technology with extensive operational experience, the company revitalises projects that may have seemed unviable.
Heritage Minerals is dedicated to designing and executing inventive strategies for complex projects. The company's commitment to environmental and social responsibility underscores its role as a conscientious problem solver.
Project Overview
Mt Morgan is located in Queensland and was the largest gold mine in the world at its peak in the early 1900s. Over its lifespan, the mine yielded approximately 262 metric tons of gold, 37 metric tons of silver and 387,000 metric tons of copper.
Operations at Mount Morgan closed in 1990 and the abandoned mine has since been managed by the Queensland Government, which is also providing financial support to the project through the Invested in Queensland program.
The recovery of gold and copper from tailings will help meet increasing demand for the resources required for the clean energy transition, while also improving environmental outcomes for the region and industry.
How We Helped
NAIF provided a concessional loan of up to $66 million to support the Mount Morgan Tailings Reprocessing and Rehabilitation Project. Traditional finance was not available due to the technical complexity of tailings reprocessing and the short initial mine life, but our flexible finance structure helped make the project possible.
NAIF’s role included de-risking the project by tailoring finance to meet the unique challenges of tailings reprocessing, encouraging private co-investment through early support that gave confidence to commercial partners, and working in partnership with the Queensland Government and local stakeholders to align contributions and maximise regional and environmental benefits.
Through this support, NAIF enabled Heritage Minerals to advance a project that reprocesses historic mine tailings, delivers regional jobs, and rehabilitates an important legacy mining site in Central Queensland.
Public Benefit
An independent public benefit assessment by Delta Pearl Partners has estimated the Heritage Minerals Mount Morgan Tailings Processing and Rehabilitation Project is projected to deliver $849 million in economic benefit to the Rockhampton region over seven years.
The project is expected to create 250 direct jobs during construction and 150 ongoing operational roles, while also supporting local procurement and employment through engagement plans.
In addition to its economic impact, the project will deliver significant environmental remediation, help preserve cultural heritage, and open up potential tourism opportunities at the historic Mount Morgan mine site.
Related Links
Indigenous Engagement
- The Gangulu people
Mount Morgan, located in Central Queensland, lies on the traditional lands of the Gangulu people. The Gangulu hold a deep cultural, spiritual, and ancestral connection to country, encompassing the lands, waters, and natural features of Mount Morgan and its surrounds. This connection is reflected through ongoing cultural practices, oral histories, and the protection of significant cultural heritage sites. The region features diverse terrestrial ecosystems, including eucalyptus woodlands, riparian corridors, and freshwater systems that sustain both biodiversity and cultural values. While Mount Morgan is inland, its waterways connect to larger catchments that influence downstream marine environments. The Gangulu people continue to play an important role in environmental stewardship, working to protect sacred sites and uphold cultural responsibilities across their traditional Country.
Indigenous Engagement Strategy Commitments
- Ongoing engagement with the Gangulu Traditional Owners.
- Targeted relationships to progress First Nations employment pathways with workplace mentoring and professional and cultural support.
- Support First Nations procurement opportunities through a project specific supplier database, simplified procurement processes, participating in business forums and early tender briefings to boost local First Nations supplier involvement.
- Scope opportunities for local Traditional Owner rangers and service providers.
- A minimum 5% First Nations employment target with a goal of 18%, alongside specific strategies aimed at First Nations women and youth.
- Ongoing workplace mentoring, skills development, flexible policies, and regular monitoring through an evaluation plan on the Indigenous Engagement Strategy (IES).
Indigenous Engagement Strategy Outcomes
- Heritage Minerals are yet to commence reporting on their Indigenous Engagement Strategy commitments.
