JOHANNESBURG (miningweekly.com) – Shareholders of Palabora Copper, a subsidiary of Palabora Mining Company, have given their approval for the R9.3-billion Lift II project that would extend the life of the Palabora mine to 2033.
Lift II would involve a block-cave mine development.
The approval by shareholders, comprising a consortium that included steel manufacturer Hebei Iron & Steel and South Africa’s Industrial Development Corporation, had followed extensive investment of R2-billion on prefeasibility and feasibility study work, as well as the critical early works development.
Palabora acting CEO Maboko Mahlaole said the completion of a bankable feasibility study (BFS) last year had proved the viability of the project.
“[It] gave credence to the shareholders and the company in [the] understanding of the orebody and the overall technical and capital requirements,” he noted.
Further, Palabora Copper growth divisions GM Nick Fouche added that the BFS had presented an option, at a 90% confidence level, to develop a new Lift II mining footprint to 450 m below Lift I, ensuring the continuation of copper mining.
“Lift I is scheduled to reach [the end of] its lifespan during this year,” he said.
Fouche said the project team had already achieved “some good results”, having developed more than 10 km of tunnel infrastructure.
“Lift II will make the company South Africa’s first to operate electric [load-haul-dump loaders] and be identified as one of the deepest block-cave mines in the world. In addition, we intend to raisebore two 6.2-m-diameter holes to a depth of 1 200 m – such depth using this technology has never before been done in Africa,” Fouche enthused.