The first of three critical approvals – heritage – for the tailings retreatment project was received last week.

The company still needs two Queensland government approvals (environment and regional planning), which have taken longer-than-expected.

Outside approvals, Carbine is hoping to finalise a Chinese offtake deal for the planned pyrite production this month and is working towards completing project finance.

The finance is dependent on receiving the approvals and locking in the pyrite offtake.

The company had previously hoped to have secured the finance in the first quarter and be at the 12-month build stage.

Carbine managing director Tony James said it had been a busy time for the company, but it was on the home stretch.

“It’s been a tough road the past 12 months,” he told the Resources Rising Stars conference on the Gold Coast last week.

“It’s not broken me – in fact it’s made me more determined.”

Mount Morgan is a major historical producer, which had been abandoned without rehabilitation.

The removal of 5 million tonnes of acid mine drainage-generating pyrite is expected to improve water quality in the Dee River.

A passionate James said Mount Morgan was a project that should be developed.

“The mining industry needs this as a pillar of environmental and operational excellence,” he said.

Mount Morgan has a reserve of 9.9 million tonnes at 1.8 grams per tonne gold equivalent, or 1.2gpt gold, 0.16% copper and 21% pyrite, equating to a 9.5-year base case mine life.

Based on total resources of 22Mt at 1.6gpt gold equivalent, the mine could operate for 20 years.

The 1.1Mt per annum processing plant accounts for $75.6 million of the total capital costs, but the payback period is only two years.

The project will produce 30,000 ounces of gold and close to 4000 tonnes of copper per annum (plus pyrite) at all-in sustaining costs of $549 an ounce, making it one of Australia’s highest-margin producers.

Carbine shares closed 3.7% higher at 8.4c on Friday. The stock peaked at 27c in August last year.