Mount Bundy Mine Reopens Amid Australia's Gold Rush
A Chinese-financed company is reviving the Mount Bundy gold mine near Darwin in Australia's Northern Territory, joining the country's modern-day gold rush. The mine was mothballed in 1997 after just a decade of intermittent mining due to low gold prices.
Today, with gold prices above $6,000 AUD an ounce, Hanking Gold is confident it can make the operation profitable from its first year of production, planned for early 2028. The company's chief executive Mark Qiu said they expect profits in 2028 due to the high gold price, which is currently at $600 an ounce more than when the mine collapsed.
Hanking Gold will remove all old infrastructure and drain the flooded pits, which are home to crocodiles. The company has built a $3 million water treatment plant on site to clean wastewater and prevent pollution.