MINING
compliance with new government air quality regulations .
Previously known as Palabora Mining Company , the entity was incorporated in South Africa in August 1956 when it was owned and managed by Rio Tinto , which held 57.7 percent of the shares , and Anglo American which has 16.8 percent .
The Palabora mine has been in operation since it was incorporated in 1956 and during the ‘ 60s , ‘ 70s and ‘ 80s the open-pit copper mine and associated processing plants produced more than 2.7 million tonnes of copper .
On September 5 , 2012 , the two companies , thus Rio Tinto and Anglo America , announced their intention to sell their respective interest in Palabora and on December 11 , they had reached
“ 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 ”
– Keith Mathole , General Manager Corporate Affairs and Company Secretary
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