Sibanye exercises option on Australian copper mine
Mining and metals group Sibanye-Stillwater has acted upon its option to acquire the idled Mt Lyell copper mine, in Tasmania, just before it was set to expire on November 5.
This option, which allows for the acquisition of 100% of Copper Mines of Tasmania for $10-million from Vedanta, was obtained through the acquisition of New Century Resources (NCR) in 2021.
Mt Lyell copper mine, an underground operation that started production in 1894 and went on care and maintenance in 2014, holds potential to bolster Sibanye’s copper exposure.
“We identified copper as an essential metal necessary to enable the clean energy transition. Mt Lyell potentially provides a low-cost exposure to copper, adding primary production of copper to our current lithium and nickel exposure,” says CEO Neal Froneman.
A feasibility study is under way to consider the re-establishment of operations at Mt Lyell. Sibanye will review its next steps upon completion of the study.
According to a 2021 statement from NCR, the Mt Lyell mineral resource of 135-million tonnes contains 1.1-million tonnes of ‘green’ copper and 0.94-million ounces of gold, with a potential accelerated restart through tailings reprocessing and existing plant.
The site includes a tailings storage facility containing 42-million tonnes of historic tailings.
Between 1999 and 2014, Vedanta produced almost 400 000 t of copper, 1.8-million ounces of silver and 220 000 oz of gold from Mt Lyell.
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