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Highlights
- 29Metals to discharge more treated water at Capricorn Copper site.
- Heavy rains have repeatedly impacted Capricorn Copper, halting operations.
- Queensland government supports 29Metals' plan to manage water levels.
29Metals (ASX:29M), an Australian copper exploration company, has been granted permission by Queensland’s environmental authorities to increase the discharge of treated water from its Capricorn Copper project. This move comes as a relief to the company, which has been facing significant challenges due to recurring water inundation at the site over the past two years. Heavy rains, particularly during the wet season, have consistently flooded Capricorn Copper, creating operational setbacks for the company.
The Capricorn Copper site has been under a temporary suspension since March 2023 due to extensive flooding. Despite efforts to mitigate water levels, ongoing rain and the regular wet season patterns have repeatedly hindered the company’s attempts to resume operations. This latest decision by Queensland authorities allows 29Metals to manage water accumulation more effectively by discharging treated water without the previous volume restrictions.
The environmental department’s approval, however, comes with strict guidelines. The released water must undergo treatment to ensure it meets environmental standards before it flows into surrounding natural creeks. Given Capricorn Copper's location in Queensland, this precaution is essential to protect downstream ecosystems.
According to James Palmer, CEO of 29Metals and a former high-ranking BHP official, the company has invested significantly in water treatment and release infrastructure throughout 2024 to better prepare for the upcoming wet season. “This interim mechanism, along with the significant investment in water treatment and release infrastructure through 2024, further positions the site for optimal water reduction outcomes during the 2024/25 wet season,” Palmer noted.
Palmer emphasized the company’s appreciation for the Queensland government’s ongoing support, which is critical as 29Metals works towards a future restart of operations at Capricorn Copper. With these updated discharge measures, 29Metals aims to reduce the risk of flooding and protect the long-term sustainability of its operations.
As 29Metals continues to navigate the challenges posed by unpredictable weather, the company remains focused on stabilizing the Capricorn Copper site for an eventual and sustainable operational restart.
