Capricorn Copper mine is now officially open for business after successfully produced its first copper concentrate.
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Capricorn Copper chair Owen Hegarty said completion of the mine’s refurbishment and restart project came at an ideal time, as the copper market strengthens.
“We have been confident in the fundamentals of copper throughout the project development phase and the timing for first concentrate is ideal,” Mr Hegarty said.
“The team has done a great job in delivering the project on time and on budget and now we are looking forward to running one of Australia’s most exciting copper projects.”
The project, 125km north of Mount Isa, restarted in 2016 and this year Capricorn Copper has created over 350 full time operational and construction jobs.
Managing Director Carl Hallion said once in steady state operations Capricorn Copper expected to maintain an operating workforce of around 220 full time employees, and had a strong focus on developing opportunities for employees and suppliers within the North West Queensland region.
Earlier this year Minister for State Development Dr Anthony Lynham declared the Capricorn Copper mine and its Refurbishment and Restart Project a Prescribed Project.
The first production of high grade, high quality copper concentrate on time and on budget comes as the copper price has increased over 30% since the Refurbishment and Restart Project began in November 2016
The project expects to produce around 30,000 tonnes of copper a year in a high grade and quality concentrate for ten years.
The high grade resource contains over 900,000 tonnes of copper metal, and strong exploration results expected to support a mine life beyond ten years and potential for expansion.
Mr Hallion said the team at Capricorn Copper had worked hard to build a high quality copper operation and was excited by the growth potential at the mine.
“This milestone lays the foundation for further growth and an exciting future as Australia’s newest copper producer and success story,” he said.