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Mt Lyell mine to be sold

MtLyell

After a tumultuous period, Queenstown's Mount Lyell copper mine is going on the market.

The pit went into care and maintenance in 2014 with the loss of more than 200 jobs, following the deaths of three men underground.

Copper Mines of Tasmania says the decision to sell by Indian parent company Vedanta came after COVID-19 restrictions impacted plans for a February restart. 

Global bank Macquarie Capital will manage the sale process with the intention of securing a new owner by the end of the year.

All entitlements of the 24 people currently employed at the mine will be safeguarded during the transaction.

“Vedanta’s work has placed the mine in a strong position for the new owner to quickly recommence operations, which will be a great outcome for the mine and for the West Coast community,” CMT Acting General Manage Clint Mayes said.

"All the money that's gone into Mount Lyell has been spent on capital infrastructure and improvements. Clint and his team have done enough work so that whoever buys the site will get able to get on with it without any delays," West Coast Mayor Phil Vickers said.

But it's unclear how many staff a new owner would put on.

"Modern technology and modern mining practices...I'd be guessing. But the fact that it's on the market and there are people interested is good for our region and good for Tasmania," Mr Vickers said.