Queensland copper exploration company, Revolver Resources is accelerating plans to recommission a Far North Queensland copper mine.
The Queensland Critical Minerals and Battery Technology Fund is supporting the company with a $1.3 million contribution towards a series of technical studies, and engineering and environmental management designs.
Funding will fast-track the completion of the studies by up to six months, with a view to have the mine fully operational in the next 18 months, subject to approvals and finance.
Revolver seeks to re-establish the mine in line with the rising global demand for copper to supply electric vehicles (EVs), EV charging infrastructure, batteries, and renewable energy generation.
Prior to its closure in 1983, the mine, that is 260 kilometres north west of Cairns, was producing 63,758 tonnes of ore with an average copper grade of 22.7 per cent – the highest-grade copper in Australia’s history.
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.
Subject to a positive financial investment decision, the mine is expected to support approximately 23 new full-time jobs and opportunities for 10 apprentices and trainees.
The mine will be a boost for Far North Queensland, stimulating the local economy through procurement activities, and additional trade with local suppliers.