Investment in new Australian mines has not entirely dried up, with a Chinese dominated company confirming overnight that it will seek to raise just under $1.2 billion to build a new zinc, lead and silver mine.
Located in north-western Queensland, the Dugald River mine is set to be built by MMG: a Chinese dominated company that is listed in Hong Kong and has an Australian office in Melbourne.
The MMG board, which includes the company's Australian chief executive Andrew Michelmore, has approved the mine subject to raising the necessary funds.
The approval comes at the end of a tough year for the Australian resources scene which has had numerous big project proposals deferred on the back of sliding commodity prices and increasing shareholder demands for a greater share of profits through dividends.
MMG, which is controlled by major shareholder China Minmetals Corporation, has struggled to raise its profile in Australia and has duly undertaken a massive advertising campaign here over recent months.
Mr Michelmore told BusinessDay earlier this month that the advertising blitz was designed to remove confusion around the company's brand, and was not a precursor to an Australian listing.
While still a prospect for the future, Mr Michelmore said the notion of a listing on the ASX was "on the backburner" for now.
MMG has recently joined Newcrest Mining in pumping several million dollars into the establishment of a new school of mines at Melbourne's Monash University.