A billionaire tech tycoon has revealed his plan to revitalise mining at a major site in far north Queensland.
The Queensland mining scene has a new player, with Legacy Mines chair Jerry Huang set to revitalise the Mungana and Red Dome mining assets in Far North Queensland.
Legacy Mines is injecting $100 million into the Mungana mine to develop the only regional processing hub within a 150km radius of the site. The masterplan is set to bring over 200 direct jobs and more than 500 indirect jobs in the area.
Mr Huang, 41, made his first millions in game design, and now also runs major landmark modular housing projects under his development company FreeCity and said this transition will bring a massive injection into the region.
“Legacy Mines is forecasting a minimum 50-year lifecycle for the mine and that brings with it significant investment and job opportunities for the local community,” Mr Huang said.
Legacy Mines chair and billionaire Jerry Huang said the investment would bring stability to the region with a 50-year lifecycle for the mine. Picture: Mike Lan
“Legacy Mines sees a great future for mining in Chillagoe. This region has produced before – now we’re unlocking it again with modern technology and engineering.
“This is not just a mine. Our processing plant will provide a hub for satellite deposits held by more than 20 mining companies within a 160km radius.”
The investment in the processing plant is also set to service other mines within the surrounding region. Picture: Mike Lan
The announcement comes as a new chapter for the local community, which once saw more than 10,000 residents, have since dwindled to below 200 when the mine was mothballed after Covid-19, with only a skeleton staff maintaining the site.
The revitalisation of the mine to unlock the region’s potential through modern engineering, automation, and data-driven decision-making has been welcomed by local stakeholders.
Federal Kennedy MP Bob Katter welcomed new investment in the area to unlock wealth for the region.
“The area around Chillagoe is the greatest minerals province on earth – copper, gold, silver, lead, zinc,” Mr Katter said.
Kennedy MP Bob Katter welcomed investment in the region. Picture: NewsWire: Martin Ollman
“Opening up the region for jobs and investment is welcome, so we must build a tunnel from the Tableland to port access at Cairns to unlock the riches left sitting in the ground, for the reward of the Australian people.”