Business
29 May, 2024
Eloise mine to expand after state grants mining lease
AIC Mines Limited says it will extend the mine's life for another 10 years.
A new copper mine will start in North West Queensland after the state government this month granted a crucial mining lease.
The approval of the lease also paves the way for AIC Mines Limited (AIC) to expand operations at the nearby Eloise Copper mine near Cloncurry, while extending the mine’s life for another 10 years.
The development of the Jericho mine and expansion of the Eloise processing plant is expected to increase the production rate to more than 20,000 tonnes of copper and 10,000 ounces of gold each year.
As the world’s most cost-effective conductive material, copper is essential to the world’s energy revolution and in helping Queensland reach its bold net zero emissions target.
The mine will be a boost for the region, stimulating the local economy through procurement activities, and additional trade with local suppliers.
Resources and Critical Minerals Minister Scott Stewart said the decision would benefit the region and the state.
“The North West Minerals Province continues to deliver more good jobs for Queenslanders and the critical minerals to power our state’s renewable energy transformation,” he said.
“The ripple effects of this new project will resonate far beyond the mine, boosting local and international copper supply for solar, wind and battery energy manufacturing, including Mount Isa’s copper smelter. It also means flow-on effects to places like Townsville which is part of the critical minerals supply chain.
“Prioritising and fast-tracking mineral extraction is a key action identified under the Queensland Critical Minerals Strategy, and that’s exactly what we’re doing.
“With our pipeline of critical minerals projects growing, Queensland is prepared to become a mining, processing, and manufacturing powerhouse for renewable energy. Critical minerals like copper are key to delivering our renewable energy future.”
AIC Mines managing director Aaron Colleran welcomed the state’s decision.
“We acquired the Jericho copper deposit in January last year and to have the mining lease granted after only 15 months of ownership is testament to the quality of the project, the work ethic of the AIC Mines team and, importantly, the consistent and well-understood Queensland mining approvals process,” he said.
“Granting of the Jericho Mining Lease is an important milestone on the Jericho development journey.
“The project will employ 150 people over a 24-month construction period and then 100 new permanent employees when in production
“The world needs more copper as we transition away from fossil fuels and AIC Mines is focused on delivering on that demand.
“Queensland is a great place to be operating – it has the copper, the mining infrastructure and the skilled labour force to help fill what is expected to be an insatiable global appetite for copper.”