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Mineralisation was first discovered at Iron blow at Mount Lyell in 1883. At that time the deposit was regarded as gold project. The Mount Lyell Mining Company Limited (MLMC) was founded in 1883 and full scale production commenced in 1896.

In 1995, the company was re-named as Copper Mines of Tasmania Pty Ltd and in 1998 it went into administration. This mine was acquired in 1999 by Monte Cello BV, which became a subsidiary of Sterlite Industries (India) Limited, in 2000 when it was acquired by Sterlite to supply part of its copper concentrate requirement for its smelter.

Since its acquisition, this mine has continued to grow and the mine production of copper ore increased from 2.0 million tonnes per annum to 2.6 million tonnes per annum. CMT produces one of the cleanest copper concentrate to meet world-class standards.

CMT is one of Tasmania's major mining operations and exports 100% of its copper concentrates production to Sterlite's copper smelter in Tuticorin, India.

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