Palabora Copper's R 9.3 billion extension project approved

by Ina King (Potgieter)

Palabora Copper's R 9.3 billion extension project approvedPalabora Copper, part of the Palabora Mining Company, has been given the green light as its shareholders have opted to implement the life-of-mine extension project as of March 2015.

This approval follows an extensive investment on its pre-feasibility and feasibility study as well as the critical early works development on which approximately R 2 billion was spent.

The R 9.3 billion project, known as Lift II, is a block-cave mine development that will see the company extending its life-of-mine until 2033.

“We’ve always been known as South Africa's principal producer of refined copper and this project allows us to extend that legacy for the next 20 years,” says acting CEO Maboko Mahlaole. He adds that making the project viable was the completion of a ground-breaking bankable feasibility study conducted in May last year.

Palabora Copper’s General Manager of Growth Division, leading the Lift II project, Nick Fouche adds that the bankable feasibility study presented an option, at a 90% confidence level to develop a new Lift II mining footprint – 450 metres below Lift I that will ensure a continuation of copper mining in Palabora until 2033.

Palabora Copper employs more than 2 200 people and is known for its vermiculite deposits with a 50 year old magnetite stockpile.

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