OZ Minerals lays out expansion plan for Prominent Hill Cu-Au Mine
2020-11-17 14:01:03 [Print]
Australia's OZ Minerals is set to invest $47 million towards the expansion of its Prominent Hill copper-gold mine in South Australia. The company intends to spend the majority of the investment on further infill drilling to convert the Prominent Hill inferred resources to reserves ahead of making a final investment decision next year.
The latest study is only based on a third of Prominent Hill's inferred resource of 59 million tonnes outside the current life of mine plan.
"The positive findings of the Prominent Hill expansion study on a relatively small case increase our confidence in Prominent Hill's longevity and ongoing performance," OZ Minerals managing director Andrew Cole said. "While examining only a portion of the mineral resource, the study showed significant cash flow uplift, improved safety and lower mining costs and emissions intensity."
The study also confirms the feasibility of replacing truck haulage with a 1360 meter vertical hoisting shaft installation at the mine from 2025.
Underground mining rates at Prominent Hill is now averaging around four million tonnes a year and anticipated to hit 4 to 5 million tonnes a year from 2022. The increased mining rates would reduce the current mine life from 2031 to 2030 while maintaining the plant at full capacity to the end of 2024, 18 months longer than originally planned.
The latest study is only based on a third of Prominent Hill's inferred resource of 59 million tonnes outside the current life of mine plan.
"The positive findings of the Prominent Hill expansion study on a relatively small case increase our confidence in Prominent Hill's longevity and ongoing performance," OZ Minerals managing director Andrew Cole said. "While examining only a portion of the mineral resource, the study showed significant cash flow uplift, improved safety and lower mining costs and emissions intensity."
The study also confirms the feasibility of replacing truck haulage with a 1360 meter vertical hoisting shaft installation at the mine from 2025.
Underground mining rates at Prominent Hill is now averaging around four million tonnes a year and anticipated to hit 4 to 5 million tonnes a year from 2022. The increased mining rates would reduce the current mine life from 2031 to 2030 while maintaining the plant at full capacity to the end of 2024, 18 months longer than originally planned.
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