Regis Resources Ltd (ASX: RRL), an Australian gold producer and explorer with operations in Western Australia and New South Wales, has announced a significant development concerning its McPhillamys Gold Project (MGP). The Federal Court has ruled as legally invalid the Section 10 Declaration previously made under the Aboriginal and Torres Strait Islander Heritage Protection Act 1984 (Cth) by the former Federal Environment Minister, which had impacted a portion of the approved MGP site. The company has expressed its welcome for this judgment.
The ruling means that the current Environment Minister, Senator the Hon. Murray Watt, will likely be required to redetermine the application for a Section 10 Declaration. Regis Resources intends to actively engage in this redetermination process with the Minister and the Department, hoping for a timely resolution given the substantial delays already experienced. The McPhillamys Gold Project, located near Blayney in Central Western NSW, is recognised as one of Australia’s largest undeveloped open pit gold projects, boasting an Ore Reserve of 56 million tonnes at 1.1 grams per tonne gold for 1.89 million ounces.
Acknowledging the potential for a protracted redetermination or an unfavourable outcome, Regis is simultaneously advancing an alternative development strategy. This involves a co-disposal approach using an Integrated Waste Landform (IWL), as detailed in a recent Pre-Feasibility Study. This alternative design entirely avoids the area previously affected by the Declaration. Managing Director Jim Beyer stated the judgment is a “significant and welcome step forward” for the project, vindicating the company’s long-held position and expressing eagerness to progress after considerable delay. Trading in Regis securities has recommenced following this announcement.
