Hi All,
Interesting read in yesterdays ABC online about Mount Isa which sounds exciting for the towns future and for investors.Potential mineral deposits found in north-west Qld
The Queensland Mines Minister has told State Parliament that a Government exploration program has found possible mineral deposits west of Mount Isa.
Geoff Wilson has revealed that five new restricted areas have been declared after the discovery of the potential deposits.
The mining survey was carried out as part of the State Government’s $20 million Smart Exploration program.
The Minister has told State Parliament that the resources industry is bidding to develop the discoveries.
“These restrictions – through a call for tenders process – allow prospective miners to commit to producing a bid which is seen as the best outcome for the development of this mining potential,” he said.
“Later in the year we will announce the successful tenderers.”
Don
djr
When we were up there in August it was obvious that there was a real buzz about the place.
Hard to find short stay accomodation, hire cars and even a seat on the plane.Ther is a real lack of quality new property available for companies and families.
We bought some blocks in the new Healy Heights subdivision and are in the process of building some quality 4 bed 2 bath homes to suit this new location.
No doubt this will be the premier suburb in Mt Isa with the undergrounbd power, and building covenants in place.Ironically we are not targetting the mine personnel as tenants or buyers.
There has been strong interest from local businesses and companies such as the Flying doctor Service and a medical group to buy these properties.
Currently have two presales in place well before completion.Rental returns will be from $600pw to $700pw so they will also be cashflow positive.
When the mining companies push to GO button and start to spend 100s’ of millions in expansion projects, but at the same time declare that they are ‘not in the housing business’ its a sure fire receipe for an opportunity going a begging.
I am sure that prices and rents will continue to climb in these regional mining areas over the next few years.
We are finding the same applies in the Pilbara area of WA, but only more aggressively.
Super commodity cycles = opportunity to capitalise and profit if you can solve the property problems.
kp
Hi all.
More good news, Xstrata annouced today its spending $38 million on a new power station in Mount Isa for its expansion plans.
As one famous Australian said I’m Excited.Don
djr
Here is the article from Townsville paper http://townsvillebulletin.news.com.au/common/story_page/0,7034,20712087%255E14790,00.html
Don
djr
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