QIC will support the accelerated development of a Central Queensland copper-gold hub centred on bringing the historic Mount Chalmers mine back into production after more than four decades.
A $15 million commitment through the Queensland Critical Minerals and Battery Technology Fund (QCMBTF) will allow QMines Limited (ASX:QML) to progress a Final Investment Decision by mid-2027 as part of a staged hub-and-spoke regional development strategy.
Mount Chalmers, a high-grade historic copper-gold mine first discovered in 1860 but last operational in 1982, is positioned to serve as QMines’ central processing hub, supported by the integration of the Develin Creek copper-zinc project and the recently acquired Mount Mackenzie gold-silver project.
A 2024 Pre-Feasibility Study for Mount Chalmers forecast an initial 10-year mine life and production capacity of more than 65,000 tonnes of copper, 30,600 tonnes of zinc, 160,000 ounces of gold and 1.8 million ounces of silver.
QCMBTF Fund Manager Joshua Risson said the investment aligned with the Fund’s strategy of targeting scalable, near-term critical minerals assets with strong development fundamentals.
Mount Chalmers combines a defined reserve base, brownfield infrastructure advantages and clear pathway to production
Joshua Risson - QCMBTF Fund Manager, QIC
“Strategically located in a historic mining region, the project benefits from access to sealed roads, grid power and a skilled workforce, which translates to greater execution certainty and regional employment outcomes.
“The staged hub-and-spoke model - centralising processing at Mount Chalmers and integrating satellite deposits - supports operational synergies, blending flexibility and extended mine life potential.
“Our mandate remains to back commercially robust projects that position Queensland as a trusted supplier in global critical mineral supply chains, and we’re confident in QMines’ capabilities to support this goal.”
Mr Risson said copper continued to be a core thematic within the Fund’s portfolio, owing to sustained structural demand growth and increasingly constrained global supply.
QMines Chairman and Managing Director Andrew Sparke said the QCMBTF investment represented a key endorsement of Mount Chalmers and QMines’ development strategy.
This capital is a meaningful validation of the quality of the Mount Chalmers asset and the strength of our development pathway
Andrew Sparke - Chairman & Managing Director, QMines
“It materially enhances our ability to fund further studies as we progress environmental and permitting workstreams and engage in early procurement activities that will underpin construction readiness.
“Our staged development model is focused on delivering a financially robust first phase while preserving the flexibility to scale through integration of satellite deposits. This funding significantly accelerates our ability to get there.”
Across Mount Chalmers, Develin Creek and Mount Mackenzie, QMines controls a combined JORC Resource inventory of approximately 19.3 million tonnes.
QCMBTF is a $150 million Queensland Government initiative managed by QIC deploying capital through flexible structures including equity, debt and hybrid arrangements to support commercially viable projects delivering strategic economic benefits to the State.
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.
QMines Limited (ASX:QML) is a Queensland focused copper and gold exploration and development Company. The Company owns 100% of the Mt Chalmers (copper-gold), Develin Creek (copper-zinc) and Mt Mackenzie (gold-silver) deposits, located within approximately 150km of Rockhampton in Queensland. QMines' objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper and gold production