Australia's largest copper reserve recorded at Hillside - Rex
PERTH (miningweekly.com) - Junior Rex Minerals has declared a maiden ore reserve of 120-million tons, grading 0.53% copper, 0.14 g/t gold and 12.8% iron at its Hillside copper project, in South Australia.
This translated into some 636 000 t of copper, 540 000 oz of gold and 14.5-million tons of iron-ore.
“The Hillside reserve is currently Australia’s largest openpit copper reserve. Pending a further reserve upgrade by the end of 2013, Hillside is expected to host Australia’s largest copper reserve, after Olympic Dam, with over ten years of mine life in reserves and over 15 years of production within the life-of-mine plan,” said Rex MD Mark Parry.
The maiden ore reserve was completed on the back of a recent prefeasibility study (PFS), which found that the Hillside project could deliver some 70 000 t/y of copper, over a 15-year mine life.
The PFS estimated that the Hillside project would require a capital investment of some A$900-million, with the bulk of the preproduction capital spent on the construction of a 15-million-ton-a-year processing plant, as well as various surface infrastructure.
The project would generate a revenue of some A$11-billion over its 15-year mine life, producing 70 000 t/y of copper and 50 000 oz/y of gold, as well as 1.2-million tons of iron-ore, grading 67% iron.
“With Hillside’s maiden ore reserve complete, Rex will now shift its focus to the Hillside bankable feasibility study (BFS), which we anticipate to be finalised in the second half of 2013,” said Parry.
Additionally, as part of the BFS, Rex would also deliver an upgrade to the ore reserve, to complement the existing resource base, he added.
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