Long wait likely for Regis Resources’ McPhillamys mine even if Liberals scrap Heritage protection

Regis Resources says it would take at least 12 months to make a final investment decision at the deadlocked $1 billion McPhillamys project even if a contested heritage protection ruling over the site was torn up by a new government. Chief executive Jim Beyer emphasised to shareholders at the WA gold miner’s annual meeting on Thursday he was “not giving up” on developing the NSW mine after the Federal Environment Minister granted a Section 10 order over part of the site. Regis launched Federal Court action earlier this month arguing the decision — which has sparked fury among the mining industry — should be declared invalid. Mr Beyer reiterated for the project to move forward either Ms Plibersek’s decision would have to be set aside, or Regis would need to find a new site for the tailings dam — a process the miner has claimed could take four years in all. “At the same time, we’ve got to try and find another way and another place to put the tailings down. Now, these things don’t happen overnight, despite the suggestion that it’s a very quick decision and it could be done speedy-speedy,” he said. Opposition leader Peter Dutton has said he would overturn Ms Plibersek’s decision on the site and along with a raft of other promises to try and win over the mining industry ahead of a looming election. The CEO was quizzed by one shareholder asking how long it would take for Regis to get going on a final investment decision if the Minister’s ruling over the site got overturned by a hypothetical change of government come next year’s Federal vote. “If the decision is overturned, it won’t be within a couple of weeks, it will be at least a year,” Mr Beyer said. “Even if we had a minister’s decision several months ago now, back in August, if it had been the alternative outcome, we still wouldn’t have been in a position to be ready to make that FID decision. “It’s probably 12 to 18 months of work that we’ve got to do.” Regis’ thwarted expansion plans even as gold prices sit around record highs, with the commodity viewed as a hedge against erratic markets. Some market watchers have speculated that Bitcoin — which has been on a ballistic ascent since Donald Trump won the US election — could become a rival investment to gold. Mr Beyer said he didn’t see the yellow metal being replaced any time soon. “Gold has been storage of wealth for thousands of years. Bitcoin, no doubt, will have a role in global financial markets,” he said. “I just don’t see gold being replaced it is such a cornerstone of the global financial markets and risk management. And it’s a tangible material, it’s not a concept.”