Mount Morgan Mine Project
The Board has approved development of the Mount Morgan Mine Project subject to funding. We're actively pursuing funding support, and notwithstanding current uncertainties in world financial markets, see opportunities to get the project away soon.
Norton acquired the project in late 2007, completed a detailed feasibility study, and has refurbished the Kundana plant for relocation to Mount Morgan in support of the project. The Kundana Plant, a Paddington Operations asset, has been refurbished and will be relocated to Mount Morgan to support the project. The aim is to begin production within 12 months of project go-ahead. Mount Morgan is located ~ 38 kilometres south west of Rockhampton, Queensland.
Historically, Mount Morgan was in production from 1883 to 1981 and for a time was the largest gold mine in the world - over 8Moz of gold were produced from 41Mt of ore and 345kt of copper. Over the period 1981 to 1991, 28Mt of tailings were re-treated before operations were suspended due to low gold prices and high cyanide costs. The Mount Morgan tenements incorporate 30 mining leases of around 677.5 hectares and is wholly owned by Norton. Production could potentially deliver 35,000oz per annum of gold in Stage 1 and in Stage 2 gold, copper and pyrite.
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