Gold’s remarkable year
Gold truly enjoyed a remarkable 2024, relentlessly powering higher to many new records.
Australian miner Regis Resources said on Thursday it is considering legal options after writing down the value of a gold project by more than $100 million due to a government decision aimed at protecting Aboriginal heritage.
Regis had planned to put a tailings dam for its A$1 billion ($675 million) McPhillamys gold project over a site 250 km (155 miles) west of Sydney in New South Wales state that included headwaters of the Belubula river.
Minister for the Environment and Water Tanya Plibersek issued a finding on Friday stating the Belubula headwaters were important to local Aboriginal groups and linked to ongoing cultural practices of the area.
“Because I accept that the headwaters of the Belubula River are of particular significance to the Wiradjuri/Wiradyuri people in accordance with their tradition, I have decided to protect them,” she said in a statement.
Regis on Thursday wrote down the value of the project by A$192 million and said it was assessing the government decision and reviewing its legal options.
The Wiradyuri Traditional Owners Central West Aboriginal Corporation, which filed an objection to the project, declined to comment.
($1 = 1.4821 Australian dollars)
(By Melanie Burton; Editing by Christopher Cushing)
Comments