Mining company Fortescue Metals Group will decide within two months whether to continue copper and gold exploration near Mount Canobolas.
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Company officials told a meeting of about 70 Nashdale and Orange farmers and residents at the Orange Ex-Services' Club on Tuesday night it would let them know by the end of September whether it would proceed.
The meeting, organised by NSW Farmers, was told the company completed exploration drilling last year and was now assessing the results.
NSW Farmers Orange branch chair Bruce Reynolds said residents were concerned about a mine damaging water supplies and potentially eating into expensive orchard, vineyard and agricultural land.
However, he said the company officials said they had not found significant deposits in the initial search.
"There is no mine proposed. There's no mother-lode. They haven't found a major deposit yet," he said.
"By the end of September they said they will let people know if they are coming back to do more drilling. They have offered to keep the community informed."
However, Mr Reynolds said the Fortescue officials told the meeting copper was an in-demand commodity.
"They believe that with electric cars and mobile phones the demand for copper is going to remain very strong, if not increase."
A residents' action group, Food and Wines Not Mines, has opposed any mining.
Chairman Ken Dally said they were "reasonably happy" with the company's position.
"We're looking forward to seeing what decision they come to once they analyse the core samples and the other [work] they are doing," Mr Dally said.
He said a 10,000 signature petition opposing mining in the area had been presented to state parliament by the member for Orange Phil Donato late last year.
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