Oz Minerals has announced the extension of its Prominent Hill mine to 2028 following the release of updated resource estimates.
The company said the mine’s ore reserve estimates increased due to ongoing drill programs targeting increased mineral resource volumes and mine planning initiatives that deepened the underground mine by 150m, and developed lateral extensions.
As a result, underground production is expected to increase from 2.0-2.2Mtpa to up to 4.0 Mtpa by 2019.
“The mine life extension to at least 2028 directly benefits local communities and shareholders,” OZ Minerals CEO Andrew Cole said.
“It will boost the region’s economic development and refutes any perception that Prominent Hill faces a short-term future. And given we are continuing resource to reserve conversion drilling there is the potential for further extensions to the timeline we have announced.
“While the open pit will ramp down, the ore stockpiles we continue to build and the growth in our underground mining operations, will see Prominent Hill remain one of Australia’s largest sources of copper.”
Earlier this year OZ Minerals ramped up plans to develop the new Carrapateena copper gold project in South Australia. It will be a 2.8 million tonnes per annum mine and is expected to create 400 new jobs.