$782m zinc project investment approved
Diversified mining company Vedanta Resources, in November last year, approved $782-million in investment over a three year period to fund the conversion of the Skorpion Zinc refinery in Namibia, and to develop an openpit zinc mine in Gamsberg, South Africa.
About $150-million of the investment will be used to convert the refinery at Skorpion Zinc in Rosh Pinah, Namibia, enabling it to refine zinc sulphide concentrates from the Gamsberg mine into special high-grade zinc metal.
The remaining $630-million of the investment will go towards developing an openpit zinc mine, concentrator plant and associated infrastructure at Gamsberg, one of world’s largest undeveloped zinc deposits.
“The Gamsberg-Skorpion integrated zinc project is central to Vedanta’s long-term aspirations for Southern Africa,” says Vedanta CEO Tom Albanese.
Albanese adds that the project will allow Vedanta to make a significant contribution to the South African government’s goal of using the country’s vast mineral wealth to help fight poverty and uplift communities through the creation of sustainable, long-term employment opportunities.
“This project provides significant synergies to both our operations and complements the needs of the region.”
Vedanta estimates that the Gamsberg project, located near the town of Aggeneys in the Northern Cape, will create about 1 500 jobs during construction and result in about 500 permanent jobs.
The Gamsberg project will be operated under the auspices of Black Mountain Mining, which is 74%-owned by diversified resource majors Sesa Sterlite, a listed subsidiary of Vedanta Resources, and 26%-owned by coal and heavy minerals company Exxaro Resources.
The first phase of the Gamsberg openpit mine is expected to have a total lifespan of about 13 years with the first ore likely to be produced in 2017 or 2018.
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