Modern Mining March 2015

MINING News

Palabora Copper (Pty) Limited, a subsid- iary of Palabora Mining Company, has received the much anticipated nod from its shareholders to execute the R9,3 billion life of mine extension project. The project – known as Lift II – is a block-cave mine development that will see the company extending its life of mine until 2033. The approval follows an extensive investment on pre-feasibility and feasibility studies, as well as the critical early works develop- ment on which approximately R2 billion was spent. Announcing the shareholders’decision, Palabora Copper’s Acting CEO, Maboko Mahlaole, said it was exciting news for the company, the community, contrac- tors and, most importantly, the more than 2 200 people employed at the mine.“We’ve always been known as South Africa’s prin- cipal producer of refined copper and this project allows us to extend that legacy for the next 20 years.” Mahlaole added that the completion R9,3 billion Lift II at Palabora mine approved of a ground-breaking bankable feasibility study (BFS) in May 2014 had been a major step forward. “That further gave credence to the shareholders and the company in understanding the orebody and the over- all technical and capital requirements.” Nick Fouche, Palabora Copper’s General Manager of Growth Division, leading the Lift II project, said that the BFS presented an option, at a 90 % confidence level, to develop a new Lift II mining footprint – 450 m below Lift I – that will ensure a continuation of copper mining in Palabora until 2033. “Lift I is scheduled to reach its lifespan during the year 2015,” he said. Fouche added the project team has already achieved some good results, having developed over 10 km of tun- nel infrastructure at some of the highest advance rates in theworldwith a very good safety record. Some of these successes came from innovative means of contract- ing and setting up the development. “Lift II will make the company South

Africa’s first to operate electric LHDs and will be identified as one of the deepest block cave mines in the world. In addition, we intend to raisebore 2 x 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 said. During the third quarter of 2013, min- ing groups Rio Tinto and Anglo American divested from the Palabora Mining Company, creating an opportunity for a Chinese consortium consisting of Hebei Iron & Steel Group Co, Taewoo, General Nice and China Africa Development Fund. The Industrial Development Corporation of South Africa SOC Limited (IDC) also has a stake in the holding group. Palabora Copper has been operational since its incorporation in 1956. Originally an open-pit operation, it evolved into an underground block cave mine in the early 2000s. It currently produces around 33 000 tons of copper a year and is South Africa’s sole producer of refined copper. 

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March 2015  MODERN MINING  9