Mount Morgan Tailings Processing and Rehabilitation Project
Heritage Minerals is planning to breathe new life into the Mount Morgan site by reprocessing old tailings and rehabilitating the area.
Mount Morgan, QLD
NAIF Loan Amount up to
Total Project Value
Length of Loan
Heritage Minerals will breathe new life into the Mount Morgan site, using a $66 million NAIF loan to build a tailings processing plant and associated infrastructure, which will allow for rehabilitation of the site.
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.
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.
An independent economic analysis has shown the project will provide significant benefits worth $849 million to northern Australia.
Traditional owners of this land
- The Gangulu people
The Gangulu people are the Traditional Owners of Mount Morgan.
The traditional lands of the Gangulu people (also written as Kangulu, Kanolu, Kaangooloo) occupied an estimated 16,000 km² around the Dawson River, as far south as Banana and Theodore. To the north-west, they extended as far as the Mackenzie River and the vicinity of Duaringa and Coomooboolaroo, and to the east towards Biloela, Mount Morgan, Gogango Range, and the upper Don River. Thangool and the headwaters of Grevillea Creek marked Gangulu country’s south-eastern limits.
Heritage Minerals satisfactorily meets the IES Mandatory Criterion under the NAIF Investment Mandate, with outcomes across Indigenous participation, procurement and employment appropriate to the nature and scale of the project and the size of the NAIF loan.
Olive Downs Steelmaking Coal Project
- Pembroke Resources
Explore how NAIF's financing supports the Olive Downs Steelmaking Coal Project, creating jobs and economic growth in Queensland's Bowen Basin.
Beef Processing Facility
- Signature Onfarm
Unlock the potential of Signature Onfarm, an advanced beef processing facility developed by the Angus family, leaders in the Australian cattle industry. Located near Clermont, QLD, this abattoir brings efficiency to local cattle producers and branded beef companies. Discover how NAIF's investment decision in August 2019 fuels economic growth and job creation in this sector.
Bauxite Hills Mine Stage 2 Expansion
- Metro Mining
Discover how NAIF's $47.5 million loan fuels Metro Mining's Bauxite Hills Mine Stage 2 Expansion, including a new floating terminal. This investment in Cape York, Queensland, is expected to generate $510 million in economic benefits over 16 years, creating 60 new jobs.