MINING
and the board decided to move on to the full feasibility study which was also completed in May 2014 . For that period company spent about R700 million in the early work and declines .
Keith Mathole , the company ’ s General Manager for Corporate Affairs and Company Secretary , said at the time of publishing : “ The board has yet to make a full decision on the Lift II Project , full development which is expected to possibly run until 2022 .
“ The approval would mean we will be running one of South Africa ’ s biggest underground mine development currently which will see about R10 billion being spent on the development works .”
As part of its growth strategy , the company is also aiming to insure its yields of magnetite , a byproduct of the copper operations , and meet the production targets of the planned new operations .
“ Producing some 60,000 tonnes of refined copper a year , Palabora Copper is South Africa ’ s only producer of refined copper ”
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