OZ Minerals’ Chairman, Rebecca McGrath, has announced that the Board had approved the development of the approximately $916 million Carrapateena mine, Australia’s largest undeveloped copper project, located 160 km north of Port Augusta in South Australia.
“The Board decision represents the next stage in the company’s development. This is an exciting time for OZ Minerals. Carrapateena will be a robust, cash generating asset with expansion potential that sets OZ Minerals up for further growth. This decision is a significant enabling step in realising our strategy to become a low-cost multi asset copper miner delivering value for all stakeholders,” she said.
OZ Minerals Chief Executive Officer, Andrew Cole said “Our confidence in the economics, constructability and operability of the Carrapateena project as a long life low-cost mine has been further reinforced through the feasibility study phase.
For South Australia this project has the potential to bring employment and business opportunities, creating approximately 400 new jobs in the construction stage then a similar number of operational jobs from 2019 onwards.
“Our plan for Carrapateena to become a world class project that generates strong returns has taken a big step forward,” said Mr Cole.
“Whatever lens you look through, whether it is value, rate of return, grade, cost, mine life, production profile, jobs or scalability, we believe Carrapateena will be an outstanding