Australian copper & gold miner OZ Minerals plans to invest $47M toward the potential expansion of its Prominent Hill mine in South Australia.
The recently released Prominent Hill Expansion Study update confirms feasibility of a vertical hoisting shaft to replace truck haulage, with the expansion having the potential to lower site operating costs by $10-$15 per tonne and reduce greenhouse gas emissions intensity by progressively shifting to an electrified shaft and underground fleet.
The study is based on only a third of the mine’s Inferred Resource of 59M tonnes outside the current life of mine plan.
The company intends to spend the majority of the investment on further infill drilling to potentially convert the Prominent Hill inferred resources, to inform a final investment decision mid next year.
“The positive findings of the Prominent Hill expansion study on a relatively small case increases our confidence in Prominent Hill’s longevity and ongoing performance,” OZ Minerals’ CEO, 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,” he said.