New lease of life for Rocklands

THE operations of failed Cloncurry copper mining company Cudeco Ltd are set to be revived by an Australian company owned by interests based in Singapore, creating more than 150 jobs.

Cudeco developed the Rocklands copper mine near Cloncurry in 2016 before the operations were suspended in 2018 and the company was placed in receivership and administration in 2019 owing secured and unsecured creditors more than $189 million.

The receivers to Cudeco, FTI Consulting, have confirmed a sale agreement relating to the assets of Cudeco has been executed with Copper Resources Australia.

Copper Resources Australia is a subsidiary of Mount Cuthbert Resources which owns the Malaco Leichhardt copper operation north of Cloncurry and is ultimately owned by the Singapore-based Dragon Field Group.

Copper Resources Australia general manager Stewart Robinson said if the sale proceeded, Rocklands would be operated under a completely new structure with no involvement of anybody from the past operation.

“It’s a completely new structure. It will take nine to 12 months of work before its becomes operational,” Mr Robinson said.

“The company will be run very differently from the way it was run in the past. It also won’t be debt ridden.”

The Mount Cuthbert copper mine and plant has operated for the past eight years, employing about 50 staff and another 20 to 30 contractors.

Mr Robinson said Rocklands was expected to employ around 100 staff with another 50 to 60 contractors.

“There will be a mixture of local employment and FIFO employment. Our base will be Queensland with the mining hub being Townsville,” Mr Robinson said.

He said Mount Cuthbert had a relationship with Queensland company Wagners and its contractors were predominantly Queensland-based. Rocklands would operate in the same way.

Receivers say the deal is expected to settle about the end of this month.