Palabora’s R9.3bn life-of-mine extension project gets shareholder nod
JOHANNESBURG (miningweekly.com) – Shareholders of Palabora Copper, a subsidiary of Palabora Mining Company, have given their approval for the R9.3-billion Lift II project that would extend the life of the Palabora mine to 2033.
Lift II would involve a block-cave mine development.
The approval by shareholders, comprising a consortium that included steel manufacturer Hebei Iron & Steel and South Africa’s Industrial Development Corporation, had followed extensive investment of R2-billion on prefeasibility and feasibility study work, as well as the critical early works development.
Palabora acting CEO Maboko Mahlaole said the completion of a bankable feasibility study (BFS) last year had proved the viability of the project.
“[It] gave credence to the shareholders and the company in [the] understanding of the orebody and the overall technical and capital requirements,” he noted.
Further, Palabora Copper growth divisions GM Nick Fouche added that the BFS had presented an option, at a 90% confidence level, to develop a new Lift II mining footprint to 450 m below Lift I, ensuring the continuation of copper mining.
“Lift I is scheduled to reach [the end of] its lifespan during this year,” he said.
Fouche said the project team had already achieved “some good results”, having developed more than 10 km of tunnel infrastructure.
“Lift II will make the company South Africa’s first to operate electric [load-haul-dump loaders] and be identified as one of the deepest block-cave mines in the world. In addition, we intend to raisebore two 6.2-m-diameter holes to a depth of 1 200 m – such depth using this technology has never before been done in Africa,” Fouche enthused.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
