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.
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