A zinc mining project in north Queensland will be revived after its owners raised the $30 million required to fund a return to production.
Development company Red River Resources announced on Friday that capital works and refurbishment would begin immediately on Thalanga zinc project, some 200km southwest of Townsville.
It anticipates production at the project, which comprises a processing plant and three mining locations, will start in the second half of next year.
Red River Resources bought the Thalanga assets in 2014 after previous owner Kagara went into voluntary administration two years prior.
It is estimated the project could support 100 jobs.
Red River raised the funding through the placement of 162.1 million shares at 18.5 cents a share.
Red River shares resumed trading on Friday after a trading halt and closed down two cents at 20 cents.
