Name and Location
Lift II copper project, Limpopo, South Africa.

Client
Palabora Mining Company (PMC).

Project Description
Palabora Copper has been producing copper in South Africa for more than 50 years, initially as a large opencast operation and thereafter as an underground block cave operation in 2002, known as Lift I.

The current underground block cave operation was developed with a plan to deplete the Lift I reserve by 2020. The closure of Lift I has been brought forward by five years to December 2015, owing to dilution from the North wall failure.

A comprehensive geological, mine and financial study has demonstrated that copper production at Palabora Copper can be extended on an economically rational basis beyond this date with the construction of a second lift underground block cave operation, known as Lift II.

Value
Not stated.

Duration
Not stated.

Latest Developments
In November 2013, the board of directors of Palabora and Palabora Copper approved the progression of the Lift II project from the prefeasibility study to the feasibility study stage. The feasibility study will be conducted from January to May 2014.

The feasibility work needs to meet engineering, construction, bank lender profitability and funding option standards.

An investment of R55-million will be made available for the feasibility study. During this project stage, Palabora Copper will expend an additional R652-million on early works infrastructure and the ongoing development of the twin decline ramps. The ongoing development of the declines and dependent infrastructure is an essential activity to maintain Lift II as an ongoing option. The total investment during the feasibility stage will be R707-million.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Palabora Mining Company GM corporate affairs and company secretary Keith Mathole, tel +27 15 780 2182, fax +27 15 780 2061,
fax-to-email +27 86 724 4698 or email keith.mathole@palabora.co.za .