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Market Chatter: Queensland Government Scraps Repurposing Plan for Evolution Mining's Mt Rawdon Gold Mine

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The Queensland government will not proceed with its plan to repurpose Evolution Mining's (ASX:EVN) Mt Rawdon gold mine to a pumped hydro electricity generating facility, the Australian Broadcasting Corporation reported Monday, citing Evolution Mining Chairman Jake Klein.

Klein said the budget shows Mt Rawdon is not a Queensland government priority, with investment instead directed to the Borumba pumped hydro project, a decision he described as surprising and disappointing, ABC reported.

The state will proceed with early works on the Borumba pumped hydro project while also evaluating additional sites, including Capricornia near Mackay, per the report.

Klein added that the company is now exploring private funding options for Mt Rawdon as its current low-grade gold processing operations are set to end in September, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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