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OZ Minerals Ltd.
Summary
| Project: | Prominent Hill | |
|---|---|---|
| Deposit: | Prominent Hill | |
| Location: | Australia | |
| Commodities: | Copper-Gold-Silver | |
| Date: | 11/15/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 15-11-2016: OZ Minerals Ltd. announces a Resource Estimation report for its Prominent Hill deposit at the Prominent Hill project. Annual Resource and Reserve Update. OZ Minerals’ Prominent Hill mine will continue to operate through to at least 2028; under | |
| Resources: | (Reserve, P+P) 75Mt @ 1.0% Cu, 0.6g/t Au, 3.0g/t Ag | |
| CP/QP: | [Resources]: Colin Lollo (Internal) | |
| ABSTRACT: | OZ Minerals’ Prominent Hill mine will continue to operate through to at least 2028; underpinned by the release today of a new mine strategy and updated Mineral Resource and Ore Reserve estimate (see table below). 1 Prominent Hill’s 2016 Mineral Resource estimate reduced marginally from the 2015 update with the Ore Reserve estimate increasing despite mining depletion, due to underground Ore Reserve growth. The significant increase in the underground Ore Reserve estimate is driven by a combination of: • ongoing drill programs targeting increased volumes of higher confidence Mineral Resource; • mine planning initiatives which have seen the deepening of the underground mine by 150 metres, along with lateral extensions; and • reduction in cut-off grade driven by successful cost saving initiatives. Underground production of 2.0-2.2 Mtpa is forecast to lift to 3.5-4.0 Mtpa by 2019, with mining costs projected to be in the bottom half of the cost curve. This will see the Prominent Hill processing plant continue to operate at the current capacity until mid- 2023 by processing stockpile and underground ore, prior to running full time at a milling capacity of circa 3.5-4.0 Mtpa to 2028. Projected capital costs to de-rate the plant to the lower 4.0 Mtpa capacity are approximately $5 million. OZ Minerals CEO Andrew Cole commented: “Today’s release provides a definitive statement about the strong future for Prominent Hill. This is a long-life asset that will continue to deliver revenue as proposed new projects come on stream. The mine life extension to at least 2028 directly benefits local communities and shareholders. 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 today. 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.” | |
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