Regis Resources wins ruling against McPhillamys heritage declaration
The miner will keep pursuing an alternative waste-storage design while it anticipates a ministerial redetermination.
Mara Quinlan
Regis Resources Ltd ASXRRL said on Wednesday the Federal Court ruled the Section 10 heritage declaration affecting its McPhillamys gold project legally invalid. The ruling concerns a project with 1.89 million ounces of gold reserves, but Regis is continuing an alternative development plan because ministerial reconsideration could take time or go against it.
Shares rose 1.14 per cent to A$7.11 in Sydney at 12:38 p.m. AEDT on Wednesday, according to Google Finance's ASXRRL page.
Regis said it anticipates environment minister Murray Watt will be required to redetermine the application for heritage protection, taking account of Justice James Stellios's findings. It intends to participate in any reconsideration by the minister and department.
The alternative layout combines filtered processed ore and waste rock in an integrated waste landform that entirely avoids the area affected by the declaration. Regis is progressing that approach while seeking a timely redetermination of the heritage application.
The judgment concerns the validity of the heritage declaration, with the revised waste facility still forming part of Regis's alternative development approach. This account is based on the company's announcement; the court judgment itself was not read for this report.
"The judgment finding that the Section 10 Declaration is legally invalid vindicates the position we have held since the Declaration was made in August 2024, and we are extremely pleased the Court has agreed," managing director Jim Beyer said in the release.
The company's project page records state and federal approvals in 2023, including approval by the New South Wales Independent Planning Commission and under federal environmental legislation. Regis says the declaration it received notice of on Aug. 16, 2024 restricted construction and use of the planned tailings storage facility.
McPhillamys is wholly owned by Regis and lies near Blayney in central western New South Wales. The company locates it approximately 250 kilometres west of Sydney in an established mining region. Wednesday's announcement describes its ore reserve as 56 million tonnes grading 1.1 grams per tonne gold.
The alternative waste design was detailed in a pre-feasibility study released on June 19. The court ruling addresses the declaration affecting the original layout; the company is continuing to advance the separate design because the outcome of ministerial reconsideration remains uncertain.
Regis reported A$1.28 billion in cash and bullion at Sept. 30 in its Oct. 7 preliminary quarterly update. Its full September-quarter results are scheduled for Oct. 20, when it plans to provide further operational and financial detail.
The court's reasons are due for release on Friday, Oct. 16, according to the Australian Financial Review's court report.
