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Sibanye exercises option on Australian copper mine

Neal Froneman: Sibanye has identified copper as an essential metal necessary to enable the clean energy transition.

Neal Froneman: Sibanye has identified copper as an essential metal necessary to enable the clean energy transition.

17th November 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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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.

The 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 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.

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.

The site includes a tailings storage facility containing 42- million tonnes of tailings.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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