Image source: Carnaby ResourcesQIC has announced a $12.5 million investment to advance Carnaby Resources' Greater Duchess Copper Gold Project near Mount Isa, supporting the next phase of development for one of Australia's most promising emerging copper assets.
Through the QIC Critical Minerals and Battery Technology Fund (QCMBTF), the investment will enable Carnaby (ASX: CNB) to complete final feasibility work, mining lease applications and permitting required to progress the project to Final Investment Decision (FID) within 12 months.
Located 70 kilometres south of Mount Isa, the project includes several high-grade copper and gold deposits with a combined resource of 27 million tonnes and potential mine life in excess of 10 years.
The recently acquired Trekelano deposit, which already holds key permits and infrastructure, is expected to be the first to enter production, providing an accelerated pathway to new copper supply for Queensland.
Minister for Finance, Trade, Employment and Training Ros Bates said the investment will help advance one of the most promising new copper developments in the North West Minerals Province.
“The North West is one of the world’s great copper provinces, and the Crisafulli Government is investing so it stays that way,” Minister Bates said.
“Whether that’s protecting the thousands of jobs reliant on a secure copper smelter or backing local producers like Carnaby to bring new projects online, this region knows our government has its back.
“This investment reinforces the Crisafulli Government’s commitment to growing Queensland’s critical minerals sector, securing future copper supply, and ensuring the North West remains at the heart of this nation-building industry well into the future.
“By using existing rail and processing infrastructure, Carnaby can move to production in as little as two years, delivering a stronger pipeline of copper feedstock and 100 new jobs sooner, so Queenslanders can continue to build the lifestyle they deserve.”
QIC Senior Investment Director Jonathan Crombie said the project’s focus on rail haulage and third-party processing through Glencore’s Mount Isa facilities would enable an accelerated production timeline.
Queensland’s North West is one of the world’s great copper regions and home to a century of mining expertise, world-class geology and established transport and processing infrastructure.
Jonathan Crombie - Senior Investment Director
“Projects like Greater Duchess show why the region continues to be a standout, in its offer of scale, quality and low development risk, all within a proven operating environment with local offtake partners.
“The QCMBTF investment supports a new phase of copper production that will strengthen Queensland’s role in global supply chains and underpin the critical minerals essential to electrification and renewable energy deployment.
“It’s an excellent example of how Queensland’s resources sector can deliver globally competitive production while contributing to regional growth and employment.”
Carnaby Resources Managing Director Rob Watkins said support for junior development projects was critical for the longer-term sustainability of the region.
“This investment is further validation of the potential of the Greater Duchess Copper Gold Project and its importance to the Mount Isa region,” Mr Watkins said.
"In providing the certainty for us to move towards production, this partnership can deliver a long-life copper operation that benefits Queenslanders for decades to come.”
Carnaby has secured an offtake agreement with Glencore, which holds an equity stake in the company, for processing in Mount Isa, with feasibility studies currently investigating the use of existing rail infrastructure to transport ore feedstock.
The combination of high-grade resources, low transport costs and strong counterparties supports the project’s compelling development economics.
QCMBTF is a $150 million Queensland Government initiative managed by QIC, with earlier capital investments including Alpha HPA’s sapphire glass project in Gladstone, the Vecco Critical Minerals Project and Ark Mines’ flagship Sandy Mitchell Rare Earths Project.
For more information on QCMBTF, visit Queensland Critical Minerals and Battery Technology Fund.
QIC is a trusted Australian investment manager and sovereign investor, delivering with discipline across a global portfolio of alternative and liquid assets. We manage more than A$131 billion on behalf of around 120 institutional and government clients, providing specialist expertise across infrastructure, real estate, private equity, private debt, and fixed income and multi-asset solutions.
Carnaby Resources Limited (ASX: CNB) is an Australian exploration and development company focussed on copper and gold projects in Queensland and Western Australia. The flagship Greater Duchess Copper Gold Project is located approximately 70km southeast of Mount Isa in Queensland and centred around the historical Duchess copper mining district. The project encompasses 1,921km² of Iron Oxide Copper-Gold (IOCG) prospective tenure, including our discovered Mount Hope, Nil Desperandum and Lady Fanny deposits and the recently acquired Trekelano mining leases.