HERITAGE MINERALS

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.

Investment Decision

December 2022

Sector

Resources

Location

Mount Morgan, QLD

View Of Heritage Minerals Mount Morgan Gold And Copper Tailings Reprocessing And Rehabilitation 1 on Mount Morgan Gold and Copper Project

LOAN DETAILS

NAIF Loan Amount up to

$66m

Total Project Value

$157m

Length of Loan

4.7 years

PUBLIC BENEFIT

$849m

Forecast Jobs

400

Project Status

Contractual Close

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.

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.

Public Impact

An independent economic analysis has shown the project will provide significant benefits worth $849 million to northern Australia.

Related Links

Indigenous Engagement

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.

IES commitments

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.