OZ Minerals has approved the construction of a hoisting shaft at the Prominent Hill copper gold mine which will extend the mine life to 2036 and increase annual copper production rates by more than 23% at a 20% lower operating cost.
Prominent Hill is located 650 km north-north-west of Adelaide, approximately 100 km south-east of Coober Pedy and 150 km north-west of BHP Billiton’s Olympic Dam mine.
OZ Minerals CEO Andrew Cole said the Wira shaft mine expansion would enable access to areas previously thought uneconomic and open up potential new prospects.
“Prominent Hill is a quality orebody and remains open at depth. The reliable performance of the operation and its consistent Resource to Reserve conversion rate were all influential in the decision,” Mr Cole explained.
“The shaft expansion creates an exciting new future for Prominent Hill with extended mine life and production rates enabling investment in lower emissions and other OZ Minerals environmental and workforce aspirations.
South Australia’s Minister for Energy and Mining, Dan van Holst Pellekaan, welcomed Oz Minerals $600 million investment as a vote of confidence in the Government’s economic plan.
“Our Growth State plan backs copper mining as one of the largest drivers of economic growth and prosperity for South Australians,” the Minister said.
“This expansion will extend the mine’s life to 2036 from 2032, and increase copper production by 23% on current levels.”
“The expansion will also lower operating costs and reduce carbon emissions generated in copper and gold production by a quarter, with a new shaft reducing the emissions from trucking.”
