Third time unlucky: 48 jobless as Monto closes mine again

THE crashing international price of ilmenite is just not good enough for Monto's Goondicum mine as the business shuts its doors - temporarily - for the third time, leaving 48 people jobless.

Melior Resources CEO Mark McCauley said placing the mine into care and maintenance mode was the responsible action to take.

"The ilmenite market is showing no sign of recovery," he said.

"We have exhausted all options. We tried to work at 50%.

"Even if the eastern access road was there, it would have helped, but with the current market prices, we would have stopped anyway.

Mr McCauley said he had no regrets about reopening the mine.

"Depending on the information available at the time, we saw it as the right thing to do," he said.

"The board will continue assessing the ilmenite market."

Two weeks ago the NewsMail's sister paper, the Central and North Burnett Times, checked in on the mine's progress and activity was described as "on target".
 


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