Palabora awaits shareholder nod for R9.3bn mine expansion project
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.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
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
