Rivers of gold keep flowing from NQ mine expansion

MORE than 160 jobs will be created and $50 million will be generated this year alone from the ongoing expansion of North Queensland’s Ravenswood Gold mine.

The Ravenswood Gold project, located about 130km south of Townsville and 90km east of Charters Towers, is a joint venture between equity manager EMR Capital and Singapore based Golden Energy and Resources.

As a $300 expansion of the project steams ahead, operators have announced 160 new jobs to be created in 2021 from $50 million worth of new investment.

Speaking at a press event held at contractor Thomas Steel Fabricators‘s facility in Bohle, Townsville, Ravenswood Gold general manager Dave Mackay said he was exited to see the expansion project continue to ramp up.

“Our local workforce of over 250 people and collaboration with almost 370 businesses in the region helps to strengthen the project and improve resilience in these uncertain COVID-19 times,” Mr Mackay said.

“North Queensland has a lot to offer in terms of technical skills, goods and services to support the region’s resource industry and in turn, the benefits of the mine’s expansion will pay back into the region and the State.”

At full operation up to 250,000 ounces of gold will reportedly be produced annually, making Ravenswood Queensland’s largest gold mine.

About $550 million in State Government royalties will be generated during its lifetime which will continue until at least 2029.

Queensland resources minister Scott Stewart said he was pleased to see the North Queensland’s resource industry reaping the benefits.

“The Ravenswood Gold project is a gold standard of the positive economic contribution a mine can bring to the regions,” Mr Stewart said.

“Just short of two years ago the Palaszczuk Government approved new mining leases and paved the way for the $300 million extension of the Ravenswood Gold Mine.

“North Queensland businesses such as Thomas Steel are seeing the benefits of this supply chain success story as the mine continues to secure a plethora of services from across the north including steel fabrication, concreting, equipment hire and servicing, engineering, surveying, environmental support, tradespeople and even a local coffee roaster.

“And things are looking up with more than $50 million expected to be spent in 2021 as open pit mining ramps up and expansion development continues.”