Stanmore Resources had decided to start taking the necessary steps to cease operations at its Mavis underground coal project, part of the Millennium Complex, in Queensland’s Bowen Basin region.
A strategic review by the miner determined that “the Mavis Underground project has proven to be uneconomic under current market conditions and coal prices, with comparatively higher costs driven among other reasons by the challenging ramp up and lower production volumes achieved to date.”
Closure and sealing of the Mavis UG pit and the transition of the Millennium Complex to steady state minimum expenditure care and maintenance is expected by the end of the third quarter.
Stanmore noted that the potential Millennium underground development option is unaffected by this decision.
Source: Stanmore Resources