Evolution Mining’s $880 million acquisition of a major stake in Glencore’s Ernest Henry copper-gold mine in Cloncurry is another sign of confidence in the region according to State Member for Mount Isa Rob Katter.
“Investment in the region by an Australian gold company is another confidence boost for the region,” Mr Katter said.
“This is another strong sign of development and that things are moving along in the North West,” he said.
“Dugald River is ramping up towards production, Altona Mining is advancing its projects and the gas pipeline to Mount Isa is full steam ahead.
“The zinc price has consistently been around the $3000 per tonne mark, which is also encouraging for the reopening of Lady Loretta Mine.”
Evolution Mining also stated its intention to explore for more gold deposits in the region.
“As part of the deal, they are more than doubling investment in exploration in the region, which means more activity and spending to boost the economy of Cloncurry and surrounds.
“Evolution is looking at a number of existing exploration targets and committing to more regional opportunities with Glencore.
After spending $589 million on the hoisting shaft at Ernest Henry Mine in recent years, this $880 million investment by Evolution essentially means that Glencore now has almost $200 million in capital to reinvest into copper and zinc operations in the region which Mr Katter said is a good sign for the longevity of operations in the North West.
He said the prospects for gold mining in the region were continually improving with solid prices for the commodity.
“There are some really positive signs for gold mining in the region.
“Tick Hill Gold Mine – one of the best-producing gold deposits in Australia - is working back towards production.
“The joint venture partner of that project also has an exploration program to find more gold deposits.”
