Gold pour from one of world’s largest abandoned mines expected in 2026

The long abandoned Mount Morgan gold mine is set to roar back to life within a year after its owner cleared a huge hurdle.

Heritage Minerals is on target to achieve its first gold pour at its Mount Morgan project in 2026.

Heritage Minerals has achieved a major milestone in progressing its Mount Morgan Tailings Processing and Rehabilitation Project towards its first gold pour in 2026.

The company made a significant funding announcement this week, stating it had “satisfied all conditions to achieve financial close on its debt finance” for the project.

“This has followed five-plus years of technical studies, design engineering, environmental planning and monitoring, approvals and permits, early works, plant construction, government and community engagement as well as $100m in expenditure to date,” Heritage stated.

The company has previously announced a successful feasibility study with annual production predicted to be 60,000 ounces of gold, 5,000 tonnes of copper (approximate current prices gold AUD $5723 an ounce, copper AUD $15,100 a tonne).

The fortunes of Mount Morgan could be revived with Heritage Minerals revealed as having a $60 million plan in the pipeline to reopen the mine.

The company said this week that construction of the processing plant was continuing “at pace” with commissioning towards a first gold pour expected to occur in less than 12 months.

“Achieving this major milestone (debt finance) has been due to the outstanding support from the community of Mount Morgan as well as the first-class collaboration and support from the three levels of government – Queensland Government, Australian Government and Rockhampton Regional Council,” Heritage stated.

“The task of recommissioning and rehabilitating one of the world’s largest abandoned mines is a complex one and many hands have lightened the load.

“We are now one step closer to producing green metals from waste, reducing environmental degradation at the site, as well as delivering substantial economic impact in the region and revenues to the Queensland and Australian treasuries.”

The gold from the Mount Morgan mine underwrote Queensland's prosperity in the 19th Century and, if all goes well, it could well be the gold draped around the necks of the 2032 Brisbane Olympics athletes. Pics Adam Head

Advance Rockhampton has reported that the project, which is owned by Heritage Minerals, will generate 250 jobs during construction followed by 150 ongoing jobs.

Heritage has previously stated that the feasibility study had clearly demonstrated the project’s “strong technical foundation and exceptional financial returns”, as well as the opportunity for significant upside if the expanded feasibility study case to boost production from six to 13 years could proceed.

Heritage is holding a community session with an open invitation for the general public at the Soldiers Rooms, Morgan St in Mount Morgan on October 15 from 5pm to 6.30pm.

Gangulu people, Heritage Minerals and Rockhampton Regional Council representatives at the smoking ceremony at Mount Morgan Mine in 2023.

Originally published as Gold pour from one of world’s largest abandoned mines expected in 2026