Rex says Hillside mine plan boosting funding plans
JOHANNESBURG (miningweekly.com) – An updated mine plan for metals developer Rex Minerals on Monday showed that its flagship copper project in South Australia would deliver over 75 000 t/y of copper, 60 000 oz/y of gold and over 1.2-million tonnes a year of iron-ore concentrate during the first 10 years.
The Hillside copper project’s mine plan also defined an estimated A$2.5-billion in after-tax cash flows during the same period.
“The larger ore reserve and strong cash flows expected from the new production plan are a huge boost to our funding plans at Hillside,” said Rex MD Mark Parry.
This followed the company’s announcement last week of a 50% increase in mineral resources – reaching about 180-million tonnes, at 0.52% copper, 0.13 g/t gold and 14.4% iron – underpinning the first 12 years of production and delivering the potential to expand the openpit operations beyond the current planned estimated 12-year capacity.
Last week, Rex commented in a statement that about 64% of the two-million tonnes of contained copper mineral resource was classified measured and indicated, with 72% of this converted to proved and probable reserves.
“We continue to progress the debt funding package associated with a fixed-price construction contract to the level of $550-million and expect that the remainder of our funding will come together on the strength of our feasibility study results,” he added.
Rex Mineral’s bankable feasibility study was expected to be finalised later this year.
Hillside would be commissioned in 2015 and reach full production capacity by 2016.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
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
