JOHANNESBURG (miningweekly.com) – A R9.3-billion block-cave mine development project at refined copper producer Palabora Copper’s mine, in Limpopo, is currently awaiting shareholder approval and is expected to increase the mine life by another 20 years to 2033, the company said on Thursday.
A bankable feasibility study on the planned Lift II project had already been undertaken, which Palabora Copper growth division GM Nick Fouche said had provided a sound technical and positive business case to proceed to full execution.
“A bankable feasibility study was completed in May and presented an option, at a 90% confidence level, to develop a new Lift II mining footprint 450 m below Lift I, which will ensure a continuation of copper mining until 2033.
He added that about R2-billion had already been spent, to date, on the development of a twin decline and supporting engineering infrastructure as part of an early works programme.
This had ensured critical access to the undercut and would enable the Lift II production level to be ready for construction.
After recommending to shareholders, in May, that the project go to full execution, Fouche said new shareholders had wanted more information to make an informed decision and select the appropriate funding model.
“While the board did not provide a full approval for the entire project, certain works were allowed to continue, pending the final shareholders’ decision, scheduled for end of September,” he advised.