Pin pulled on mine plans promising hundreds of jobs
A PERTH company has pulled the plug on its plans for a Central Queensland gold mine projected to create 200 jobs and inject more than $60 million into the local economy.
In an announcement on the Australian Securities Exchange today Western Australian mining and exploration company Impact Minerals Limited said it had elected not to proceed with its option to acquire 95 per cent of the tenements at the Blackridge gold project north of Clermont.
As a result, a proposed trial mining program at Blackridge will not go ahead.
Impact managing director Dr Michael Jones said in the statement that the decision followed extended discussions regarding a renegotiation of the option agreement that Impact had with Rock Solid Holdings Pty Ltd over the key mining lease applications at the project.
The discussions resulted because “very large bulk samples and trial mining was not a consideration at the time of the original option agreement negotiations”, Dr Jones said.
“Such an approach only became required after the results of various bulk sampling programs completed by Impact.
“In addition, the commercial terms of a proposed royalty payment by Impact to Rock Solid Holdings during the trial mining period could not be agreed upon.”
The site covers historic mining camps Blackridge and Springs which produced about $309 million worth of gold at today’s prices.
Despite pulling out of the Blackridge project, Impact will continue with its other existing exploration projects in New South Wales near Orange, and Broken Hill.