Heritage Minerals planning to reignite Mount Morgan Mine

A famous Queensland gold mine that closed more than 30 years ago likely still contains billions of dollars worth of the precious metal. Now, with new technology, and the lure of possible 2032 Olympics fame, it is set to be reignited, creating 400 jobs.

Gold from this mine underwrote Queensland’s prosperity in the 19th Century and, if all goes well, could be draped around the necks of medal winners at the 2032 Brisbane Olympics.

Heritage Minerals is the company with the vision to reignite the Mount Morgan Mine which helped bankroll Queensland for a century, producing more than 260 metric tonnes of gold until it closed in 1990.

But new mining technologies, and a gold price which is now breaking all-time records and was soaring beyond US$2250 an ounce, means there is almost certainly billions of dollars of gold still residing in the historic mine.

The Federal Government is providing a $66 million loan under the Northern Australia Infrastructure Facility for Heritage Minerals to build a tailings processing plant and associated infrastructure, as well as rehabilitation of the site which includes the improvement of water quality flowing into river systems.

The Queensland Government is also backing the project through its Invested in Queensland program as is the Rockhampton Regional Council and local businesses, all with a view to generating more than 250 construction jobs and 150 operational jobs along with an estimated economic boost of $800 million into the local economy, while millions more are expected to flow into government coffers through royalties.

Shane Charlton, of Heritage Minerals, is helping bring the mine back to life. Picture: Adam Head

Mine Manager Shane Charlton says while the future looks prosperous for the mine, its past also represents another form of value.

“The history of this mine is all around us and its story is extraordinary,’’ he says.

A key investor in Mount Morgan, one time Rockhampton solicitor William Knox D’Arcy, used the wealth he accumulated from the mine in the late 19th Century as seed money to go looking for oil in the Middle East, and ended up creating the global company which we know today as oil giant BP.

The mine infrastructure, much of which remains intact along with historic housing, could become the platform of a tourism attraction, with the hope that visitors will eventually be able to watch gold being poured on site.

But the final triumph for the historic mine may be its role in producing the gold, silver and bronze for the victorious athletes in 2032.

Heritage Minerals managing director Malcolm Paterson said it would be appropriate for Mount Morgan to provide the gold given its intimate connection with the story of Queensland.

“Given the mine’s storied Queensland history, metals mined from Mount Morgan would also be ideal for production of the 2032 Olympic and Paralympic Games gold, silver and bronze medals.”