Miner Seeks to Revive 1882 Gold Lode as Australia Dollar Weakens
- Mount Morgan gold mine in Queensland was abandoned in 1990
- Nation’s output of the precious metal seen rising 20% by 2023
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A weak Australian dollar has miners eying shuttered reserves, including an abandoned gold deposit first excavated the same year Thomas Edison began commercial operation of a power plant in New York in the late 19th century.
The Mount Morgan mine in Queensland was the world’s largest gold operation at its peak in the early 1900s and has produced roughly 262 metric tons of the precious metal over its lifespan, according to Heritage Minerals Pty Ltd., which plans to reopen the site in 2023. At least four other companies attempted and failed to revive the mine, which was abandoned in 1990.