Boost for Capricorn Copper recovery, life extension plans

29Metals' work to return Capricorn Copper to full operations and plans to extend mine life, including by exploiting cobalt mineralisation at the site, have won special project status. Deputy Premier Steven Miles has declared the Capricorn Copper Recovery and Extension Project as a prescribed project and critical infrastructure project. The Capricorn Copper Recovery and Extension Project covers: ▪ execution of the recovery plan to return the north-west Queensland copper site to full operations following the extreme weather event in March; and ▪ planned initiatives to improve productivity and extend the mine-life, including advancing the evaluation of commercialising the cobalt mineralisation at Capricorn Copper. “The declaration announced today is a strong show of support for Capricorn Copper, and the north-west Queensland region," 29Metals managing director and chief executive officer Peter Albert said. "It will provide mechanisms to improve coordination between the different regulatory agencies and ensure timely decision-making for key approvals to support the ongoing recovery activities, as well as the actions we are implementing to realise Capricorn Copper’s potential in an environmentally responsible way. "The declaration is a direct result of our ongoing close engagement with government and regulatory stakeholders since the extreme weather event in March 2023. "Through that engagement, we have demonstrated the unique intersection between our vision for Capricorn Copper and the strategic objectives of the State of Queensland regarding regional development in north-west Queensland, net zero, critical minerals and Copperstring 2.0. "We look forward to working with our stakeholders over the next three years to deliver the Capricorn Copper Recovery and Extension Project with the renewed confidence that the declaration provides.” Operations at Capricorn Copper, 120km north of Mount Isa, were suspended in March due to the impact of heavy rainfall. Capricorn Copper restarted mining operations in the Mammoth and Greenstone areas of the operation In August in a phased recovery plan. However mining is not expected to resume at the Esperanza South sub-level cave mine until the first half of next year. 29Metals announced late last year that it had studies underway with the aim of adding the critical mineral cobalt to its production stream. Its December 2022 Mineral Resources estimates for Capricorn Copper pointed to 22,000 tonnes of contained cobalt metal in the site's ore bodies. And an investor presentation in August highlighted recent exploration success and the potential for ongoing mine life extensions (see slide below). Deputy Premier Miles said encouraging private sector investment and supporting the development of critical mining projects, like Capricorn Copper, would ensure regional communities could capitalise on the renewable energy opportunity. “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,” he said.

Boost for Capricorn Copper recovery, life extension plans

Industry Queensland

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