Mining leases for the Ravenswood gold mine in north Queensland have been renewed for a further 16 years.
The mine, which officially opened in April 2023, supports over 400 employees and produces approximately 220,000 ounces of gold per year.
The mining lease renewals are set to pave the way for future expansion at the site, with plans in place to increase processing from 2.5 million tonnes to 8.4 million tonnes per year.
Ravenswood Gold, the company that owns the mine, is alos planning to conduct a feasibility study into a mineral prospect called Last Chance, located approximately 30km northeast of Ravenswood.
“(The) Ravenswood gold project not only provides crucial employment opportunities but also actively partners with suppliers from the local region whenever possible, fostering economic growth within the community,” Queensland Resources and Critical Minerals Minister Scott Stewart said.
“The extension of these mining leases secures the long-term future for Ravenswood Gold and sets the stage for substantial expansion, contributing to the economic development of the region.
“The fact the company is now looking at a feasibility study into a nearby resource proves what we already know – that Queensland’s mining future is bright.”
Ravenswood Gold chief executive officer Brett Fletcher said the renewals was a positive step forward for the future of the mine.
“Long term certainty is critical for business confidence and continued investment,” he said.
“Our positive relationship with the Queensland Government allows us to confidently continue to invest in the long-term future of the Ravenswood gold mine and the region.”
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
