Copper-focused 29Metals (ASX:29M) has been granted a ‘prescribed project’ status on the Capricorn Copper Project from the Queensland government.
The $427.77 million market capitalisation company says the government announced the declaration of the Capricorn Copper Recovery and Extension Project which begins today (16 November) and extends until 31 December 2026.
This project covers the execution of the recovery plan for Capricorn and seeks to return the site to full operations, following an extreme weather event in March this year, as previously reported.
29Metals notes it also covers planning initiatives to improve productivity and extend the mine-life, including advancing the evaluation of commercialising the cobalt mineralisation at Capricorn Copper.
A prescribed project is one which is of significance, particularly economically and socially, to Queensland or a region. Declaring a prescribed project enlivens the Coordinator-General’s powers to ensure timely decision-making in relation to prescribed processes and prescribed decisions.
Managing Director and Chief Executive Officer (CEO) Peter Albert says this declaration shows ‘strong’ support for the project and is considered a result of the ongoing close engagement with government and regulatory stakeholders.
“It will provide mechanisms to improve coordination between the different regulatory agencies and ensure timely decision making for key approvals to support the ongoing recovery activities, as well as the actions we are implementing to realise Capricorn Copper’s potential in an environmentally responsible way.”
The Capricorn Copper Project is a ‘high-grade’ copper and silver underground mine with multiple ore sources.
29Metals is a copper-focused base and precious metals mining company with producing and exploration assets in Australia and Chile.
As of 30 September 2023, the company had $227 million unaudited cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au