Qld government dumps plan to turn gold mine into pumped hydro

Queensland's government has decided against proceeding with a plan to transform the Mt Rawdon gold mine into a renewable energy project. The proposed pumped hydro facility, which had the potential to power up to 2 million homes, was initially part of the state's Energy Roadmap. The government has now shifted its focus and financial commitment to the Borumba pumped hydro project, earmarking $324.3 million for its early works. This decision came after a six-month review by the Queensland Investment Corporation (QIC). Jake Klein, chairman of mine operator Evolution Mining, expressed surprise and disappointment, stating that the government views Borumba as its priority. The Mt Rawdon project would have required a significant investment and utilized the mine's existing topography for water storage. With the government's withdrawal, Evolution Mining is exploring alternative avenues, including seeking private capital or assessing the feasibility of continuing operations as a gold mine, processing low-grade stockpiles until September.

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Unfortunately, with the release of the budget, we were advised the Mount Rawdon project is not a priority project for the Queensland government, and they have priorities investing in Borumba as a pumped hydro project.