Chinese line up for CQ pyrite
CHINESE customers are lining up for the pyrite set to be mined at the $85 million copper and gold mining project at Mount Morgan.
In a “major breakthrough” for Carbine Resources’ Mount Morgan Mine rejuvenation, the company has left international investors wanting more after sending samples of the products they hope to produce several million tonnes of every year.
Managing director Tony James said the interest from Chinese iron manufacturers was an unexpected game changer for the project which was more than 15 years in the making.
International interest has come in the form of financial support too, with three global companies “in the data room” evaluating the project.
The mine is an environmental amendment approval away from construction, and is expected to create up to 150 jobs.
“When I went to China I didn’t understand the enormous potential for pyrite,” Mr James said.
“We took samples back to China and they tested it and they loved the product.
“I’ve had six people call me up this year and say ‘we want 500,000 tonnes of pyrite next year, can you start in January?’ I thought, ‘wow, I need to get the thing built and up and running first’.”
The West Australian-based company plans to extract the residual minerals, including gold, copper and pyrite, from the tailings left behind at the deserted central Queensland mine site, where activity ended 27 years ago.
Mr James told Gladstone businesses yesterday 95% of the project could be completed by central Queensland’s workforce.
He said the minerals would be exported via Gladstone Port.
“We don’t need to bring stuff from outside of central Queensland,” he said.
“As a mining guy who operates in Australia and the world, CQ has some serious infrastructure, you guys have some serious kit.
“That makes makes my job easy but hard for you guys because you have more competition.”
Mr James expects final approval by next year. The next challenge then will be funding the project.