Revolver Resources, a Queensland-based copper exploration company, is set to expedite the recommissioning of a high-grade copper mine in Far North Queensland.
The initiative is bolstered by a A$1.3m ($850,928) contribution from the Queensland Critical Minerals and Battery Technology Fund.
The funding will be used to support a series of technical studies, along with engineering and environmental management designs.
It is expected to speed up the completion of these studies by up to six months, with ambitions to have the mine fully operational within the next 18 months, contingent on necessary approvals and finance.
Revolver Resources is capitalising on increasing global demand for copper, which is driven by the production of electric vehicles (EVs), EV charging infrastructure, batteries and renewable energy generation.
Before its closure in 1983, the mine, located 260km north-west of Cairns, was a significant producer, yielding 63,758 tonnes of ore with an impressive average copper grade of 22.7%.
Subject to a favourable financial investment decision, the mine’s revival is anticipated to create around 23 new full-time jobs, along with opportunities for ten apprentices and trainees.
Additionally, the mine’s operation is expected to stimulate the local economy in Far North Queensland through procurement activities and increased trade with local suppliers.
Queensland Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick said: “As the Climate Energy Finance report released on Wednesday found, Queensland is positioned as a renewable energy and cleantech superpower.
“The State’s vast copper reserves play an important part in this renewable energy and clean industries transformation.
“The Queensland Labor Government established the Queensland Critical Minerals and Battery Technology Fund to accelerate this transformation, and it is great to see the first grant being used to fast-track the potential rejuvenation of the Dianne Copper Mine.
“The Dianne Copper Mine is a great example of the transformative resource projects we are seeing emerge in Queensland and around the world.”
