Heritage Minerals expects to achieve its first gold pour within 12 months after announcing this week that it has achieved financial close for its Mount Morgan tailings processing and rehabilitation project.

This came after more than five years of technical studies, design engineering, environmental planning and monitoring, approvals and permits, early works, plant construction, government and community engagement, the company said in an update on social media.

Heritage said it had spent $100 million to date in advancing its plans for the historical Mount Morgan gold site, where mining operations closed in 1990.

Heritage Minerals’ proposed tailings processing plant at Mount Morgan will treat two million tonnes of tailings a year.

The project is expected to support about 250 new direct construction jobs and up to 150 operational jobs.

Heritage said this week it received notice that it had satisfied all conditions to achieve financial close on its debt finance for project.

“Achieving this major milestone 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,” the company stated on LinkedIn.

“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.”

Capricorn Enterprise chief executive officer Mary Carroll said she commended Heritage Minerals for its commitment in reaching this major milestone.

“A combination of the recent water pipeline infrastructure, streetscape beautification, improved house valuations and the environmental benefits that the tailings processing and rehabilitation project will bring to Mount Morgan, all bode well for the town’s economic future, existing and new business opportunities,” she said.

Related: Construction milestone for Mount Morgan water pipeline

“The economic benefits of this major project extend beyond Mount Morgan to Gracemere and Rockhampton.

“Our earnest hope is that the state and local government will provide as much support for the stabilisation and re-opening of the historically and paleontologically significant fireclay caverns on the mine site, closed in 2011, which provide the only example of early Jurassic dinosaur footprints in Australia, with the highest dinosaur track diversity for the entire eastern half of Australia.”

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