An exploration company has sold its copper mine in north-west Queensland less than a year after it purchased the operation.
Cape Lambert Resources, based in Western Australia, has sold the Lady Annie Mine near Mount Isa for $135 million.
Executive chairman Tony Sage says the company’s objective has always been to develop mines rather than operate them and the sale will bring benefits to the region.
“The first thing though is obviously to get the mining operation – a lot of the services around Mount Isa will be increased, as well with fuel obviously, just groceries and that – that will need to run the camp out there,” he said.
“You have got to feed over 100 people.
“The whole region will get a spin-off effect starting from June right through the end of December.”
He says a Hong Kong listed company purchased Lady Annie and it is expected operations will “ramp up” over the next few months.
“The new owners are operators, they are going to start I would say from the beginning of May to crank everything up,” he said.
“The mining operation will restart and also the processing operation, so the mining operation will start first and they take full control beginning of June.
“You will see a big ramp-up from there.”