Minister for Natural Resources, Mines and Energy, the Hon. Dr Anthony Lynham, has granted Resolute Mining Limited (Resolute) nine new mining leases – a major step for the company’s $150 million project to extend the life of its Ravenswood gold mine operations.
Dr Lynham said the new leases acknowledge Resolute’s significant contribution to the small mining town of Ravenswood (located approximately 40 kilometres south of Mingela, and roughly 89 kilometres from Charters Towers in Queensland).
“The company has pre-funded and commenced refurbishing and relocating the historic Ravenswood State School, providing new sporting facilities and helped preserve this former gold town’s cultural heritage,” Dr Lynham detailed.
“For Resolute, it means they can continue operations smoothly as one mine reaches the end of its lifecycle and another begins.”
The new leases include areas within the operational footprint of the proposed Buck Reef West open pit and nearby land required for infrastructure including roads, water management and noise bunding.
The new mining leases will secure 380 North Queensland jobs as well as a new lease on life for the historic gold town.
Resolute’s Managing Director and Chief Executive Officer, John Welborn, was pleased to receive further support from the Queensland Government for its plans to expand production at Ravenswood.
“These new mining leases support our plans to expand production from our Ravenswood mine and continue a strong partnership with the government and the local workforce and community that commenced in 2004,” Mr Welborn said.
“We continue to create value at Ravenswood and we expect the ongoing strategic review will now be able to incorporate expanded production rates as we prepare for an investment decision on the Ravenswood Expansion Project in the second half of 2019.”
The expansion will see open-pit mining at the adjoining Sarsfield and Buck Reef West deposits. The expansion was given prescribed project status in late 2016, allowing the independent Coordinator-General to help Resolute navigate government approvals and cut red tape.
Resolute is able to fast track production by using its existing processing plant and equipment, and Buck Reef West is expected to be in production by July, reaching full capacity by 2024.
Resolute’s existing Mount Wright underground mine is due for closure next year.