Friday,
27 December 2024
Cowal mine extension granted

The NSW Government has granted development consent to plans to extend the life of the Cowal gold mine.

Evolution Mining Limited has been advised that the NSW Department of Planning, Housing and Infrastructure has reached a determination on the Cowal Gold Operations Open Pit Continuation Project with approval received and Development Consent granted.

The consent is for the extension of the E42 open pit and development of three new open pits, and continuation of ore processing at a rate of up to 9.8 Mt a year.

The project proposes to continue open pit operations by approximately 10 years to 2036 and extend total operation life by approximately two years to 2042.

Managing Director and Chief Executive Officer, Lawrie Conway, said the approval was an important milestone for Cowal operations.

“Since acquiring Cowal in 2015, the operation has been a cornerstone asset for Evolution making a significant contribution to our business and our stakeholders," Mr Conway said.

"The NSW Government’s approval will enable these benefits to continue for decades to come.

"We thank the Government for their continued support of Evolution and the thorough and rigorous approval process undertaken.”

Cowal General Manager, Joe Mammen, said said the team was delighted to receive development consent for the project.

“I would like to acknowledge the input and support of our stakeholders in securing this approval - from the community of West Wyalong, the Bland, Forbes and Lachlan Shires and all our employees, and look forward to seeing the strong socioeconomic benefits it will bring to the Central West region, the State of NSW and more broadly across Australia," he said.

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Minister for Planning and Public Spaces Paul Scully said the expansion had undergone a robust assessment and would deliver real long-term economic benefits to the state and central west community.

“Importantly, this extension will be accompanied by a strong commitment to environmental outcomes and rehabilitation, ensuring a positive legacy," he said.

The economic impact assessment submitted by Evolution Mining during the planning process estimated the expansion would result in an additional $910 million boost to the NSW economy over the life of the project.

In that time, it will produce approximately 1.6 million ounces of gold and 1.5 million ounces of silver.

Under the extension plan, the project will create three new smaller open-cut pits. It is expected to create an additional 64 full-time jobs during construction and contribute an additional $56 million in royalties for the NSW Government.

As part of the extension, Cowal has committed to using cutting-edge technology to reduce environmental impacts and enhance its rehabilitation efforts, ensuring a positive legacy for the mine for future generations.

The decision signals confidence in the future of mining in NSW, underpinned by world-class environmental and sustainable mining practices and a commitment to regional employment.

The Cowal gold mine is the second most significant gold resource in NSW. Gold is an essential component in the wiring and circuitry of many electronics, including solar panels and electric vehicles.

The NSW Government recently updated the state’s Critical Minerals and High-Tech Metals Strategy.

With deposits of 21 of the 31 nationally identified critical minerals, as well as identified resources of priority minerals and metals including scandium, copper, silver and cobalt, NSW is well placed to be a global leader in the race for critical minerals.

The updated strategy sets a vision for NSW to become a global leader in critical minerals, drive the clean energy transition and re-build domestic manufacturing.

The International Energy Agency estimates that over the next 20 years, the world will need six times the amount of critical minerals currently mined to reach global net-zero carbon emissions.

Minister for Natural Resources Courtney Houssos said it was encouraging to see metals mining in NSW continue with the extension of the Cowal mine.

“This is a great decision for the Central West," he said.

"It brings new jobs, secures existing roles and will further sustain the regional economy.

“With world-class deposits of critical minerals and high-tech metals, we want to realise more opportunities like this in NSW as we build towards the clean energy future.”