Heritage Mount Morgan Gold Mine site from the air

Heritage Minerals Mount Morgan facility

NAIF will provide $66 million to reinvigorate an abandoned historical Central Queensland gold mine. (Investment Decision December 2022)

About the Project

Heritage Minerals are planning to breathe new life into the Mount Morgan site by reprocessing old tailings and rehabilitating the site.  NAIF, a key funding pillar driving the Australian Government’s Northern Australia agenda, will provide a $66 million loan to Heritage Minerals to build a tailings processing plant and associated infrastructure, and to allow for rehabilitation of the site.

Operations at Mount Morgan closed in 1990 and the abandoned mine has since been managed by the Queensland Government – which is also providing financial support to the project through the Queensland Government’s Invested in Queensland program.

The recovery of gold and copper from tailings will help meet increasing demand for the resources required for the clean energy transition while also improving environmental outcomes for the region and industry.

Indigenous Engagement

Heritage Minerals satisfactorily meets the IES Mandatory Criterion under the NAIF Investment Mandate with outcomes across Indigenous participation, procurement and employment appropriate to the nature and scale of the project and the size of the NAIF loan.

 

Economic Impact and Public Benefit

An independent economic analysis has assessed the project to provide significant benefits to Northern Australia of $849m.

NAIF’s media release regarding the Investment Decision to Heritage Minerals can be found here

Related case studies

Genex Kidston Pumped Hydro Renewable Energy Hub

Kidston Pumped Storage Hydro Project

Kidston Pumped Hydro Project (Investment Decision July 2019)

Read more
Hastings Yangibana Village

Yangibana Rare Earths project

NAIF Loan: Up to $220m. Investment Decision: December 2022

Read more
Charles Darwin University Architectural Visualisation of exterior

Charles Darwin University

NAIF’s loan will enable the Darwin City Deal’s Education and Community Precinct to progress, comprising a new CDU city campus, and a central city library (co-locating parts of existing libraries at CDU and NTG).

Read more
Overlooking a Kimberley Cotton Farm

Kimberley Cotton Company

NAIF Loan: Up to $32m. Investment Decision: August 2021.

Read more