Australia's Legacy Mines said on Monday it would invest about A$100-million ($69.27-million) to restart operations at the Mungana mine and its associated regional processing hub in Far North Queensland.
The gold, copper and zinc producer said high commodity prices were driving a shift away from lead and zinc towards gold, silver and copper.
Legacy Mines forecast more than 200 direct jobs on site and more than 500 indirect jobs, and said the mine would have a minimum 50-year life cycle.
The company is targeting the ramp-up of gold and silver production within three years.
The project focuses on operating a central processing hub designed to service numerous satellite deposits within a 160 km radius.
