Copper Assets North Queensland chief operating officer Mike Westerman said at the company’s community information session in Cloncurry on Tuesday the aim was to return the money within a few years. 

He said employees will work efficiently so there would be a “timely payback of this investment”. 

“Our ability to attract future capital for our region relies on our ability to return shareholder funds,” he said. 

To do that the company will focus on “efficient mining and processing techniques, improving productivity and recovering from embedded cost base on supplies and consumables.” 

Mr Westerman acknowledged it had been a difficult year due the fall in commodities including copper. 

Glencore figures reveal company operations have increased productivity in copper and gold, but the market faced a drop in copper prices of about $2.50 US a pound. 

“Copper prices have returned to Global Financial Crisis levels. 

“Glencore made hard decisions to ensure the sustainability of our operations.” 

But North Queensland Copper operations produced 9900 tonnes more copper last year than it had in 2013. 

“The increase reflects higher own sourced cathode output from the Townsville refinery due to increased production of own sourced concentrates, primary from Ernest Henry,” Mr Westerman said. 

A 38 per cent increase in gold production was credited to higher grades, which included ore obtained from Ernest Henry.

There was a 13 per cent drop in silver production. 

North Queensland Copper chief mining officer Matt O’Neill said shaft hoisting began at Ernest Henry in June, 2014. 

“Since then we’ve ramped up production and are operating at our budgeted production level of six million tonnes per annum.” 

He predicted a strong future in the North West Region. 

Ernest Henry was a mature asset but the transition from open cut allowed the mine to continue operations until 2026.