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Cape Alumina officially abandons Cape York bauxite project
Edited by : AL CIRCLE
1 min read
Cape Alumina has officially announced it has abandoned its $1.2 billion Pisolite Hills mining project in far north Queensland's Cape York region but will push ahead with its nearby Bauxite Hills project.
Last month, the State Government banned mining on the Pisolite Hills site, after declaring the Steve Irwin Reserve and the surrounds of the Wenlock River a 'Strategic Environmental Area'.
Cape Alumina managing director Graeme Sherlock says the decision has already led to job losses.
"Unfortunately the company has to pull back and unfortunately has had to make a few people redundant which is very disappointing just before Christmas and in the current economic climate," he said.
"We will pick ourselves up and push forward and we just hope shareholders stay with us and hope that we can deliver a great project for Queensland."
Cape Alumina also says it has reserved the right to launch legal action against the State Government for not adequately warning the company of the decision.
Last month, the State Government banned mining on the Pisolite Hills site, after declaring the Steve Irwin Reserve and the surrounds of the Wenlock River a 'Strategic Environmental Area'.
Cape Alumina managing director Graeme Sherlock says the decision has already led to job losses.
"Unfortunately the company has to pull back and unfortunately has had to make a few people redundant which is very disappointing just before Christmas and in the current economic climate," he said.
"We will pick ourselves up and push forward and we just hope shareholders stay with us and hope that we can deliver a great project for Queensland."
Cape Alumina also says it has reserved the right to launch legal action against the State Government for not adequately warning the company of the decision.
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