Caution urged after Qld's largest gold mine's lifesaving $1.4bn deal

Ravenswood Gold announces $1.4 billion refinancing of Queensland's largest mine Fri 19 Jun 2026 at 5:18pm In short: Queensland's largest gold mine has avoided closure by securing a $1.4 billion refinancing deal. Governments have welcomed the announcement as good news for the more than 400 local jobs. What's next? The deal is expected to close in late June. Queensland's largest gold mine has escaped financial crisis by meeting its self-imposed refinancing deadline, although one expert warns a close watch should be kept on the project. Ravenswood Gold has secured a $1.4 billion refinancing deal to help pay off debts incurred through expansions and outdated hedge book prices. The Ravenswood Gold Mine is about 100 kilometres south-west of Townsville and produces 134,000 ounces of gold per year. CEO Tim Duffy said the newly secured refinancing deal would provide the company better exposure to higher gold prices. "This transaction secures a strong long-term future for Ravenswood Gold and marks a decisive step forward for our business,"he said. The company previously had hedge obligations requiring it to sell to lenders at much lower rates than the record-high gold price of $US5,597 an ounce, reached in January. The price has since dropped to $4,100 an ounce. One economist warned there was still cause for concern at the site, which employs about 400 direct workers. Australia Institute resource economist Rod Campbell said no gold mine should be in any financial difficulty given the surge in prices seen earlier this year. "Any mine struggling now is unlikely to be financially sustainable longer-term," Mr Campbell said. "Any gold mine that struggles to secure finance now should be closely watched by governments and regulators to ensure that corners are not cut, putting safety and the environment at risk." In a statement, Ravenswood Gold said its new capital structure would support plans to ramp up production to 200,000 ounces of gold per year by 2027. The company has announced a $US485 million loan will come from a syndicate of international financial institutions and investment funds led by Singaporean investment firm RRJ Capital, which will fund its debt. American mining streaming company Triple Flag will make an up-front payment of $US440 million to the company and will have the right to purchase 5.5 per cent of its gold. Another $US90 million in equity support has been locked in from private equity firm EMR Capital and Singapore-based Golden Energy and Resources, which acquired the company in 2020. More than 4 million ounces of gold has been mined at Ravenswood since 1868 when a gold mining boom led thousands to the Charters Towers region. Charters Towers Regional Council mayor Liz Schmidt said there had been panic in the community while the company had been securing the deal. She said she had been in constant communication with the mine because families and businesses in the region relied on the gold sector. "Our community benefits hugely from being able to supply to them," she said. "This is a big move in the right direction for Ravenswood Gold and if the confidence is there in the mining industry to support them going forward that's got to be a big plus for us." Queensland Resources Minister Dale Last also welcomed the announcement, saying about 90 per cent of workers lived within the Charters Towers, Burdekin and Townsville regions. "The security of these jobs is paramount to those communities," he said. "The Crisafulli government welcomes more investment and development in Queensland's booming gold industry." The deal is expected to be finalised later this month.