29Metals is making headway in the process to build a long-term tailings storage facility that is considered critical to restarting operations sustainably at its Capricorn Copper site, 120km north of Mount Isa.

The company has submitted an application for the facility to the Department of Environment, Tourism, Science and Innovation.

It said DETSI had confirmed it as being properly made, which progressed the application to a detailed assessment ahead of any requests for additional technical information and a public notification period.

Related: 29Metals making inroads on restart scenario

“We look forward to continuing constructive engagement with DETSI, and all other stakeholders, as we progress the approval process,” 29Metals chief executive officer James Palmer said.

“A long-term tailings storage solution and water level reductions remain the imperatives to enable a future successful and sustainable restart of operations at Capricorn Copper.

“We are making good progress on both fronts, with one more successful wet season expected to be required to further reduce water levels, and today’s milestone demonstrating significant progress in relation to tailings approvals.”

Image at top of page: Esperanza pit at Capricorn Copper.

Capricorn Copper operations were most recently suspended in March last year after an extended period of rainfall resulting in a steady accumulation of water within regulated water storage structures.

The site had still been clawing back from the impact of a deluge in 2023 when that happened.

In its latest quarterly report, released last month, 29Metals said the North-West Queensland copper operation had used all opportunities for treated water releases to Gunpowder Creek when flow events occurred in the wet season ending April 2025.

‘With the benefit of a successful 2024/2025 wet season, the compliance footing of the asset has been significantly improved, with surface water levels now below the Maximum Operating Level and total water inventory reductions of 1.3 gigalitres achieved since the decision to suspend operations in March 2024,’ the company said

In addition to one more successful wet season in terms of treated water releases, it pointed to the derisking of regulatory approvals for the planned long-term tailings storage facility as the key factor in being able to progress the restart of Capricorn Copper operations.

In addition to Capricorn Copper, 29Metals operates the Golden Grove mine in Western Australia (copper, zinc, gold and silver).

The company today reported total revenue of $271 million in its half-year financial results, compared to $243 million for the same period last year.

It noted a significantly improved EBITDA of $113 million (HY24: $5 million), and net profit after tax of $35 million compared to a net loss after tax of $109 million at the same time last year.

Both included of $54 million of insurance proceeds.

“With $202 million of available liquidity, the company is well positioned to execute against our strategic priorities and deliver ongoing improved operating and financial performance,” Mr Palmer said.

“At Golden Grove, we remain focused on ramping-up volumes from our highest-grade orebody in Xantho Extended, and the ongoing investment in Gossan Valley further strengthens our operating outlook by bringing Golden Grove’s second highest-grade orebody into the mine plan and providing operational flexibility from a relatively shallow and independent mining front.

“At Capricorn Copper, we have significantly reduced expenditures and continue to make good progress on water level reductions and approvals for a longterm tailings storage facility, which remain the imperatives to enable a future sustainable and successful restart of operations.”

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