Chi­nese line up for CQ pyrite

The Morning Bulletin - - NEWS -

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.

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