Prieska Copper Zinc Mine (Pty) Ltd (PCZM) plans to open the old Prieska Copper Mine, active between 1971 and 1991 in order to exploit the previously unmined open-pit, old pillars and deep sulphide Mineral Resource at depth.
Focus of the project is on:
- Exploration and development to mine copper and zinc
- By-products include gold and silver, pyrite and barite
The mine concluded a positive Bankable Feasibility Study in May 2020 and is currently in the late financing stage – early Construction Stage in anticipation of receiving the remainder of the requisite funding.
Work has begun and the project remains positive.
In order to adapt to the current local and global economic challenges, PCZM instituted a number of financial and technical studies to consider the viability of a number of accelerating early cashflow scenarios which resulted in the current plan to start the operation on a smaller scale and ramp-up to the final development scenario outlined in the BFS-20. Work has begun and the project remains positive.
Work with the local mine community and pro-active up-skilling programmes continue, working towards local provision of many of the required skills.
The PCZM Project falls under the auspices of Orion Mineral Limited which is dual listed on both the Johannesburg Stock Exchange(JSE) and the Australian Stock Exchange (ASX) allowing for equity participation by the peoples of South Africa.
In addition to the BBEEE partnerships, the Project has also procured funding from the Industrial Development Corporation of South Africa Ltd (IDC) as well as from TFR&S Canada Ltd and Triple Flag Ltd (together, Triple Flag).
Employment in the region
Initially around 100 jobs are anticipated scaling up to >1,500 employees and contractors during construction; with a steady state employment estimate of 840. This excludes new jobs created for service provision to the mine and its employees.
As of end July 2022, R623 million has been spent on the project. The R4.1-billion announced to construct the mine will be in addition to this investment.
Reasons for investing in the Northern Cape
Orion consciously chose to invest in the Northern Cape because of the potential of the province with abundant natural resources and its reliable infrastructural advantages.
This is a pre-existing mine and is located in Copperton in the Northern Cape; the specific location chosen because that is where the copper deposit is. The Northern Cape offers knowledgeable and experienced service providers. The central location of the project within South Africa to the main ports and transport distribution hubs is advantageous.
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Find more background information / previous update about the Prieska Copper Zinc Mine Project: