Richards Bay Minerals – Zulti South project, South Africa
Name of the Project
Richards Bay Minerals – Zulti South project.
Location
KwaZulu-Natal, South Africa.
Project Owner/s
Rio Tinto and Richards Bay Minerals (RBM).
Project Description
The Zulti North orebody grade is declining. Subsequently, the Zulti South mine is required to maintain the output of high-margin zircon and rutile, and provide sufficient ore to support titanium dioxide sales.
Phase 1 of the Zulti South mine will underpin RBM’s supply of zircon and ilmenite over the life-of-mine.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project is expected to deliver an internal rate of return of 24% (Rio Tinto share).
Capital Expenditure
The project is estimated at $463-million (Rio Tinto’s share $343-million). The investment will be fully self-funded from RBM’s cash flows, with no additional debt or recourse to Rio Tinto.
Planned Start/End Date
Construction is scheduled to start in mid-2019, subject to the granting of all the necessary permits, with first commercial production expected in late 2021.
Latest Developments
The KwaZulu-Natal provincial government has applauded RBM and its four traditional host authorities for reaching and signing the procurement principles agreement of the Zulti South mineral sands project.
The agreement comes shortly after the company’s planned investment in the Richards Bay project, which was announced in April.
The agreement brings to an end a protracted impasse between the mining company and the host communities.
Key Contracts and Suppliers
None stated.
On Budget and on Time?
Too early to state.
Contact Details for Project Information
Rio Tinto investors relations (UK), John Smelt, tel +44 20 7781 1654.
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