29Metals committed to Capricorn Copper future

29Metals managing director and chief executive officer Peter Albert has stressed the group's focus on restarting operations at Capricorn Copper as soon as possible given its sizeable resource and the significant rise in copper prices. On March 26 the company announced the decision to suspend mining and milling operations at the North-West Queensland site due to water levels built up after a string of cyclones in the region. In its quarterly report released today, 29Metals indicated that it would retain a workforce of about 40 people on site to deliver on its objectives through the suspension period. This was about a quarter of the workforce 29Metals had on site on full production, in addition to contractors, Mr Albert said. He said the workforce had been disappointed by the suspension 'as we all are', but also quite understanding of the outcome, with many of them indicating a desire to remain in touch and come back at the right time. Related: 29Metals outlines offtake finance, insurance funds Mr Albert said the company had offered support for workers including communicating with other regional operations and passing on details of vacancies. In an investor briefing, Mr Albert said 29Metals was 'absolutely 100 per cent committed' to bringing the operation back online. Capricorn Copper, 120km north of Mount Isa, boasts a substantial copper endowment - with mineral resources estimates of 64.8Mt at 1.8 per cent - with significant exploration upside potential. The key enablers for a successful and sustainable restart of Capricorn Copper operations are expected to be: ▪ reduction of water inventory held on site, including completing the dewatering of Esperanza South mining area and implementing further measures to enhance the resilience of the site to future weather events; ▪ establishing long-term tailings storage capacity; ▪ completing the design, procurement and installation of the new water treatment plant, providing a reliable and sustainable source of water suitable for mining and milling operations, and improving resilience against future weather events; and ▪ identifying and implementing opportunities to enhance productivity and reduce costs. 'With permitting of long-term tailings storage capacity a key enabler of a successful and sustainable restart, the ongoing support of the Queensland Government will be critically important in the timely restart of operations,' the company noted in its quarterly update. Chief operating officer Ed Cooney told an investor briefing that all mining operations at Capricorn Copper ceased at the end of the March quarter with the exception of some raise boring and diamond drilling, which was now complete. "Demobilisation of the underground contract equipment and personnel has progressed and it is anticipated this will be complete by the middle of May," he said. "Processing of remaining surface ore stockpiles is currently underway and will be concluded by the end of April, while project-related activities on site are continuing with commissioning of the Mill Creek Dam neutralisation project expected in the June quarter. " He said the group had recently commenced detailed design for a new water treatment plant for the site, with commissioning likely in the second half of 2025. "Design work on TSF (tailings storage facility) three continues and while at this time a firm schedule for the facility is not yet certain, we are very focused on progressing the design activities and continuing engagement with various government agencies." You may also like: https://industryqld.com.au/palmer-appointed-to-lead-29metals

29Metals committed to Capricorn Copper future

Industry Queensland

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