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Capricorn copper backed by Government

29Metals says its half-year results reflect the improved operating performance achieved relative to the prior corresponding period.

The Queensland Government has committed to helping 29Metals’ Capricorn copper mine fully recover after it was affected by severe flooding earlier this year.

Now declared a critical infrastructure project, the Queensland Government said it will assist the mine return to full operations and ensure the long-term security of the mine.

The Capricorn copper recovery and extension project aims to not only bring the mine back to full operation, but also investigate the possibility for producing more critical minerals, such as cobalt.

“We want Queensland to be at the forefront for renewable energy on all fronts, from mining resources and critical minerals to manufacturing the technology, as well as using and distributing energy stored,” Deputy Premier Steven Miles said.

“Encouraging private sector investment and supporting the development of critical mining projects like Capricorn copper will ensure our regional communities can capitalise on the renewable energy opportunity too.”

Located approximately 120km north of Mount Isa in north-west Queensland, the mine creates up to 400 full time jobs when fully operational.

“This project will be vital in boosting the local economy in Mount Isa,” Miles said.

“The Queensland government knows clean energy can create more jobs and unlock new economic opportunities for our state.

“We will continue to invest in projects that will help drive a global green energy transition, and position Queensland as a global leader in this space.” 

The project was declared a prescribed project on the recommendation of the Queensland Coordinator-General, with 29Metals managing director and chief executive officer Peter Albert welcoming the assistance.

“We are very happy for the Capricorn copper recovery and extension project to be declared a prescribed project,” he said.

“These declarations will help us restore the mine to full operations and enable us to implement significant improvements to secure its long-term sustainable future.”

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