The South Australian Chamber of Mines and Energy (SACOME) has weighed in on BHP’s plan to more than double its copper production in the state by 2030.
BHP plans to upgrade its Olympic Dam copper smelter to a ‘stage-two smelter’, as well as expand its refining capacity.
As one of only two copper smelters in Australia, the expansion will be a potential boon for the state.
“South Australia was known as ‘The Copper Kingdom’ in the 1840s when copper was first discovered,” SACOME chief executive officer Rebecca Knol said.
“Today’s copper renaissance is crucial to our everyday lives and to our energy transition.
“From EVs (electric vehicles) and charging stations to mobile devices and life-saving healthcare, copper is fuelling our lives and our net-zero ambitions.”
In SA, BHP currently operates the Carrapateena, Olympic Dam, Prominent Hill, and Oak Dam copper mines.
The Big Australian has been outspoken in its desire to become a global copper powerhouse, and has placed its focus directly on SA.
SACOME said it is essential for state and Federal governments to ensure BHP’s strategy for the smelter and refinery expansion becomes a reality.
There are now several steps that need to be undertaken to advance the project, including an Environment Protection and Biodiversity Conservation determination, development of Terms of Reference, and the preparation of an environmental impact assessment.
“(This) is a significant milestone in BHP’s proposed smelter and refinery expansion, which aims to position SA as a leading global copper jurisdiction,” Knol said.
“The State Prosperity Project has provided a framework for strategic development that enables value-add to South Australia’s already impressive resource endowment.”
The State Prosperity Project is a co-ordinated initiative by the SA Government to unlock the full potential of renewable energy, critical minerals and green manufacturing to herald a new era of prosperity for South Australia.
The project’s key focus is the Upper Spencer Gulf, with the SA Government investing jobs and training in the region.
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Weir’s redefined flowsheet solution includes Enduron HPGR technology. Image: Weir
The Weir Group has been awarded a £53 million ($102 million) contract to provide energy-efficient and sustainable solutions to the Reko Diq copper-gold project in Pakistan.
The project is 50 per cent owned by Barrick Gold, and is located in the Chagai district of Balochistan. Barrick is targeting first product at the site in 2028, with an estimated mine life of over 40 years.
The contract will see Weir provide fine grinding, separation and tailings solutions, featuring equipment such as Weir’s Enduron high-pressure grinding rolls (HPGR), Enduron Elite wet and dry vibrating screens, Warman slurry pumps, and Cavex hydrocyclones.
“We are delighted to have secured this significant contract which represents further industry acceptance of Weir’s differentiated sustainable and cost-effective redefined flowsheet solution, with our market leading HPGR technology particularly suited for the water-scarce climate and geology of the Reko Diq copper-gold project,” Weir chief executive officer (CEO) Jon Stanton said.
“Our engineers have designed an innovative solution that comprehensively addresses the particular challenges of this project and is a great example of working in close partnership with an ambitious customer who shares in our purpose to sustainably and efficiently deliver the natural resources essential to create a better future for our world.”
After equipment commissioning is completed, Weir will provide aftermarket support via an on-site service centre staffed with Weir technical personnel.
Barrick president and CEO said the company is proud to be partnering with Weir.
“The Reko Diq project will grow Barrick’s strategically significant copper and gold portfolios, benefiting all its Pakistan and Balochistan stakeholders,” he said.
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Weir’s new Port Hedland facility services Enduron® HPGRs along with critical parts storage for faster service times for customers. Image: Weir
De Grey Mining has awarded Weir a contract to supply an Enduron high-pressure grinding roll (HPGR) for its Hemi gold project in the Pilbara.
The contract comes as Weir officially opens its Port Hedland Service Centre to further support its customers in the Pilbara.
De Grey Mining project director Peter Holmes said the company is looking forward to the partnership.
“De Grey Mining is pleased to partner with Weir on one of its key long lead items for its Hemi gold project and appreciates Weir having a local service facility to provide the required support to our site and the region,” he said.
Weir Enduron HPGRs global product manager Bjorn Dierx echoed similar sentiments.
“Our partnership with De Grey Mining further expands our footprint in sustainable comminution,” Dierx said.
“Our proven track record of developing highly engineered solutions for the industry, together with our capability to partner with our customers to bring projects to life, ensures that De Grey Mining will be in good hands to achieve its productivity, sustainability and project execution targets.
“Importantly, Enduron HPGRs also provide significant improvements versus traditional tumbling mill technology with energy savings of up to 40 per cent and in turn, a lower carbon footprint. This will be the fifth, similar-sized Enduron HPGR in the Pilbara region alone, which is a testament to its credibility in high capacity, hard-rock grinding.”
Weir regional managing director Kristen Walsh said the contract elevates Weir’s sustainability goals.
“This win further underscores Weir’s commitment to making mining more sustainable and demonstrates the substantial opportunity that can be made to CO2 emissions reduction when choosing an energy-efficient technology in a large greenfield project,” she said.
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Weir is aiding the mining industry in rethinking tailings. Image: Weir
While producing tailings is inevitable, Weir is here to ensure waste is removed and handled sustainably.
As millions of tonnes of ore are processed each day across the mining industry, it stands to reason that not all material is exported or used.
Although mine waste – also known as tailings – is unavoidable, heightened environmental, social and governance (ESG) standards in the mining industry are necessitating enhanced waste management methods.
Backed by an extensive portfolio of tailings solutions, technologies and processing equipment, Weir is on a mission to help the industry rethink, reduce and repurpose tailings through its transformational tailings flowsheets.
“We are looking to engage with the market to assist with solutions that will achieve new benchmark outcomes for water recovery, energy consumption, carbon footprints and safe storage,” Weir head of tailings and pipelines – Asia Pacific Simon Acutt told Australian Mining.
“We want to trigger new thinking on how to treat tailings.”
An example of this is Weir’s Cavex DE hydrocyclone, a technology that performs two stages of classification in one operational unit.
“The larger particles move downwards under gravity and leave via the bottom outlet with a small quantity of water,” Acutt said.
“A small amount of the fine solids remain with most of the water; this then spirals upwards through a central pipe and out the top as the overflow product. The Cavex DE hydrocyclone goes through this process twice.
“The aim is to separate the large particles and use them for construction material. The main use for the cyclone underflow is to build tailings dam walls.”
The Cavex DE hydrocyclone works without the need for intermediary pumping, piping or sumps. It’s fitted with an air core booster to improve capacity and efficiency by reducing the total pressure across the hydrocyclone and increasing the volume flow split to the overflow.
The Cavex DE hydrocyclone works without the need for intermediary pumping, piping or sumps. Image: Weir
“This creates value out of the mine’s waste,” Acutt said. “By using sand from tailings, operators have less product going into their tailings storage facility (TSF), meaning the TSF can be smaller and save on diesel-powered earthmoving equipment.”
Another example of innovation is Weir’s second-generation Cavex 2 hydrocyclone, which expands upon the Cavex hydrocyclone range and marks a new era in separation technology.
Combined with the feed chamber, the LIG+ advanced laminar spiral inlet reduces turbulence and enables the hydrocyclone to classify up to 30 per cent more feed slurry within a similar footprint as the original Cavex hydrocyclones.
Alongside Weir’s range of tailings products and solutions, the company carries out pipe loop testing to provide design data, centrifugal pump testing, and high-pressure positive displacement pump testing at Weir Technical Centre in Victoria.
“Mineral slurries vary in many ways, meaning each slurry behaves differently in a pipe system,” Acutt said. “Therefore, pilot testing is important to help determine the best solution for each site and reduce the overall design risk.
“Weir can run a variety of tests to identify possible operational issues, with testing able to determine how the slurry behaves when pumped in a range of different conditions, solids concentrations and velocities, all while simulating pump failure and a potential restart event.
“The outcome ensures the selected pump and motors are right for the job and tailored to a mine site’s unique operating environments.”
To ensure it can offer the coarse particle flotation (CPF) technology to its customers, Weir has a cooperative agreement with Eriez, allowing the company to collaborate and apply its HydroFloat CPF technology when needed.
The CPF solution reduces energy consumption by 10–20 per cent and increases water recovery by up to 85 per cent by using advanced dewatering technologies.
“The technology works by injecting air bubbles into the lower levels of the tank,” Acutt said. “These bubbles lift ore to the top of the tank, which is collected via a concentrate overflow.
“The grind size is substantially larger than conventional flotation, significantly reducing energy consumption in the comminution phase. This also makes it much easier to separate water from tailings.
“CPF waste stream can be used for dam wall construction and dam wall support. It requires little further treatment, hence less expensive capital equipment and energy consumption. Weir is working closely with Eriez on several pilot trials.”
With a long-standing global presence in tailings management, Weir is an ideal partner to help the mining industry rethink its approach to tailings.
“Weir is not new to the tailings space,” Acutt said. “We have been actively investing in and expanding our knowledge and testing support facilities, positioning ourselves as a key partner for the future.”
Metso has signed a comprehensive frame agreement with Reko Diq Mining, the owner of the Reko Diq copper-gold project, one of the largest undeveloped copper-gold deposits in the world.
Under the agreement, Metso will deliver crushing and grinding circuits that include Superior6089 MKIII gyratory crushers, Nordberg MP1250 cone crushers and Premier ball mills with 51-megawatt installed power. These are equipped with gearless mill drive technology and Metso’s failsafe polymer hydrostatic shoe bearing systems.
Reko Diq Mining has also placed orders for TankCellmechanical flotation cells, high-intensity Concorde Cellunits, HRT thickeners, Vertimill and HIGmill regrind mills, mill reline equipment, concentrate filters and automation equipment, all of which are expected to be signed and booked in Metso’s minerals segment order intake later this year and 2025.
The equipment packages under the framework agreement are valued at $EU200 million ($333 million).
“We are excited to work as a strategic partner with Reko Diq Mining in this major greenfield project which will ramp up global copper production required for energy transition,” President of Metso’s minerals business division and deputy chief executive officer (CEO) Markku Teräsvasara said.
“Metso will provide Reko Diq with advanced and sustainable technology for the production of copper and gold concentrates.”
Reko Diq Mining is 50 per cent owned by Barrick Gold, 25 per cent owned by three federal state-owned enterprises, with the balance held by the Balochistan Government.
The Reko Diq project is expected to have a mine life of approximately 40 years as a truck-and-shovel open pit operation, with construction expected in two phases. This will provide a combined processing capacity of roughly 90 million tonnes per annum. First production is targeted for 2028.
“Reko Diq will substantially expand Barrick’s strategically significant copper and gold portfolios and benefit all its Pakistani stakeholders for generations to come,” Barrick president and CEO Mark Bristow said.
“We are pleased to partner with Metso in this project where sustainable concentrate processing is one of the key drivers for plant design and operation.”
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Zenith plate lips currently come in standard, long and heavy-duty options to suit all application requirements. Image: Bradken
Bradken has expanded its GET range to include Zenith plate lip GET to further support Australia’s mining sector.
Given the often-harsh conditions of the Australian resources industry, it is critical that mining companies select the right ground engaging tools (GET) for their operation.
Premium GET solutions extend machinery wear life and lessen the risk of equipment failure, minimising costly downtime. The right GET tooling also delivers reduced dig energy and improved penetration.
That is why Bradken has continually advanced its own GET solutions, ensuring customers always have the right option at hand. This includes the Zenith series, the latest addition to Bradken’s GET range suited to 100–250-tonne hydraulic excavators.
Bradken GET principal product manager Glenn Baxter explained the evolution of the company’s products.
“Bradken’s GET range has evolved from being regionally based with a suite of first-generation products, to now being more globally focused with a second and third generation of innovative products, all backed by a global original equipment manufacturer (OEM) in Hitachi Construction Machinery,” Baxter told Australian Mining.
“The Zenith technology is Bradken’s next generation of plate lip GET products, so it’s one of the latest solutions in the Bradken GET range.”
As Bradken developed an improved GET solution for higher tonnage hydraulic excavators, the company had several research and development (R&D) objectives.
“In the development of the Zenith range, we had a focus on creating an efficient tooth system from a machine performance and maintenance perspective,” Baxter said.
“We wanted to minimise the size of the tooth (without compromising strength) so the machine uses less power during each cycle, and simplify the locking system so it’s intuitive to use and easy to maintain when required.”
The Zenith series of GET is suited to 100–250-tonne hydraulic excavators. Image: Bradken
The Zenith locking system requires only 180° of rotation to be actuated, with the locking pin pre-installed in the point, which is another simplifying aspect of the range.
Other key benefits of the unique design is the reduction in change-out time and improved safety with the truly hammer-free pin and dedicated point removal tool enabling a safer removal process. Together these improve the ease of use and enable greater diversity in the workforce.
The Zenith points currently come in standard, long and heavy-duty options to suit all application requirements. And they can be used to extract any commodity, including copper, gold, coal or iron ore.
Baxter said operators have resonated with the intuitiveness of the range with simple installation and removal, along with the flat contact surfaces between the point and the nose enabling easy rebuilds if required.
“Maintenance teams will often have a list of tasks to complete on a shift, and when they come to changing their Zenith GET, because of its simplicity, personnel can easily make their tooth changes without having to constantly refer to the instruction manual,” he said.
“GET can be replaced in a consistent short timeframe, meaning maintenance personnel can plan and spend more time on other tasks that might be of a higher priority.”
A product comparison demonstrated the efficiency of the Zenith range, with teeth able to be replaced in one minute each, whereas a generation-one tooth took on average 11 minutes to replace.
“When changes are made to six teeth, operators can save a lot of time on maintenance and spend more time in production,” Baxter said.
“Our R&D teams conducted numerous simulations during the design phases and when compared to our generation-one system, the Zenith teeth penetrated material using up to five per cent less power, which is a significant advantage over the long run.”
The Zenith range also has on average an 11 per cent longer wear life than Bradken’s first generation system, based on recent infield performances.
Bradken understands that not only can it supply customers cost-effective and reliable solutions such as its Zenith GET range, but it can also bring together solutions from other product lines to provide a holistic offering.
“We’ll continue to expand the Zenith range as part of this new generation of plate lip products,” Baxter said.
“More broadly, Bradken is combining the recent structural development work undertaken on our mining excavator buckets – including the addition of a cast upper structure – with our GET solutions on the front of the bucket.
“Our design team specifies the right sizes for the operating conditions, and by using machine parameters we can take a more holistic approach, rather than just provide the GET solution alone.”
Baxter said Bradken’s digital portfolio is also advancing.
“The advancement of our tailored condition-monitoring solutions, where we can track the performance and wear of the GET in real-time, demonstrates that there is some pretty exciting R&D occurring at Bradken,” he said.
“And through all our innovations, Bradken is fortunate enough to be backed by a Tier 1 OEM in Hitachi Construction Machinery, who support our product development and the speed with which we can innovate.”
Newmont will begin rolling out more autonomous haul trucks, drill rigs, and graders following a trial to boost the technology capabilities of its Cadia mine in New South Wales.
The gold miner will begin expanding next generation 5G wireless networks to improve safety in underground mining in partnership with Ericsson and Telstra Purple.
Before the trial, Cadia – one of the largest gold mines in the world – was limited to upload speeds of 20–30 megabits per second (Mbps) using Wi-Fi to operate autonomous equipment such as ore loaders and remote-controlled mining machines.
These wi-fi connections were unreliable and unpredictable when under load.
The new 5G network has allowed for speeds up to 90Mbps along access drives and declines throughout the underground complex, and 150Mbps upload and 500Mbps download on all-important extraction drives.
Newmont has since been able to deploy additional safety systems like radars and collision avoidance to improve overall mine safety systems.
“The trial results show the extraordinary potential of 5G to improve safety, increase the number of machines that can be operated on a single network and boost production efficiencies in underground mining,” Newmont chief safety and sustainability officer Suzy Retallack said.
“These trials are part of the new frontier of technology in mining – using innovation to make our people safer and our mines more productive.”
On the basis of the trial, 5G now has a firm place in Newmont’s communications strategies for Cadia and its other Tier 1 underground and surface mines across the world.
Newmont also garnered support from the Australian Communications and Media Authority (ACMA) for the trial, and has now applied to the ACMA for licences to extend and embed Newmont’s use of 5G technology across its Australian operations.
Newmont plans to expand the use of 5G networks across its global network of Tier 1 underground gold-copper mines.
“5G is enabling rapid global transformation of industry, supporting digitalisation and movement towards automated, more efficient, and safer operations across a number of sectors,” Ericsson head of private cellular networks Manish Tiwari said.
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Hitachi aims for the EX5600-7 excavator to be fitted with the boom and arm system as standard at the start of 2026. Image: Hitachi Construction Machinery
To further strengthen its EX-7 excavator series, Hitachi Construction Machinery Australia is about to release two new technology solutions.
For over 50 years, Hitachi Construction Machinery has been a pioneer in manufacturing equipment, machinery and parts for a range of industries.
To expand its global footprint, the company founded Hitachi Construction Machinery Australia in 1999.
“We’re a supplier of surface mining and construction equipment to Australian operations within the mining, civil and forestry sectors,” Hitachi Construction Machinery Australia general manager – mining sales Sean Ryan told Australian Mining.
One of Hitachi Australia’s flagship offerings is the Hitachi EX-7 series of excavators, which first hit the global market in April 2019.
The operator assist system has undergone a successful trial on a Hitachi EX3600-7 backhoe excavator operating in the Pilbara region of WA. Images: Hitachi Construction Machinery
While the series has seen over 120 units sold, Hitachi is all about improving and innovating its range to meet customer feedback.
It was customer consultation that planted the seed for the long-life boom and arm and operator assist systems, both of which Hitachi has developed over the last five years.
“The boom and arm system extended the component’s maintenance life by 1.5 times, improving the durability and serviceability of our ultra-large hydraulic excavators,” Ryan said.
“To bolster durability, we have implemented cast steel technologies in high stress connection points, specifically the connection points of the boom to the arm and the cylinders to the boom. This has improved the strength and quality of those structures.”
Hitachi also placed manhole covers inside the boom to improve serviceability.
“The manhole covers have allowed easy access to the internals of the boom so non-destructive testing inspections can be carried out throughout the life of the component,” Ryan said.
“We haven’t increased the weight of the boom and arm, so we don’t reduce the capabilities or bucket sizing of the equipment.
“We also looked to improve the welding processes by using new design techniques and technologies. This included alleviating high stress areas.”
Further supporting digging and loader operations is Hitachi’s new operator assist system, which aims to reduce burdens such as operator fatigue.
With the help of sensors, a digging assist function helps to automatically improve control of the hydraulic excavator, while the loading assist function helps to avoid collisions by automatically controlling the front attachment when material is loaded onto a dump truck.
“The operator assist system makes it safer at the dig face, increasing productivity by maximising the use of the machine’s capabilities,” Ryan said.
“Rather than having a fully autonomous piece of digging equipment, which is very difficult because of the variabilities of mining conditions at the dig face, we can make part of that process automated, so operators realise the greatest efficiencies of the excavator’s capabilities.”
Ryan said decarbonisation was a key driver behind the creation of its boom and arm and operator assist solutions.
“The operator assist system is about looking at how you can get the most efficiency out of the fuel burn for your operation,” he said. “While the boom and arm seeks to extend the service life of components, therefore extending the overall life cycle.
“With every ultra-class mining piece of equipment that gets scrapped at the end of its life, an estimated 400 tonnes of CO2 (carbon dioxide) is generated. If we can extend serviceability and overall life, it reduces the need for new replacement components and it improves our decarbonisation position.”
Hitachi Construction Machinery Australia was founded in 1999. Images: Hitachi Construction Machinery
The operator assist system has undergone successful trials that commenced in early 2024. The system was fit to a Hitachi EX3600-7 backhoe excavator operating in the Pilbara region of Western Australia.
As a result of the effective trial, Hitachi is aiming to achieve practical application of the operator assist system in stages from 2025.
“The operator assist system is retrofittable, meaning it can be set up with any EX-7 mining series excavator,” Ryan said.
The boom and arm solution has also seen a successful trial in the Pilbara, trialling on a Hitachi EX5600-7 backhoe excavator for more than 12 months.
Hitachi aims to begin taking orders of the boom and arm system at the end of 2025, with the EX5600-7 excavator being fitted with the product as standard at the start of 2026.
To aid the rollout of the boom and arm and operator assist system over the next few years, Hitachi Australia has 19 mining branches located in regions such as the Pilbara, Townsville, Emerald, Mackay and Brisbane in Queensland, and Muswellbrook in New South Wales.
“With over 1300 employees, more than 900 are electric and mechanical tradesmen who are there to service our customers and their Hitachi products in the field,” Ryan said.
“We also have a division that manages any parts required for equipment across Australia and two remanufacturing centres in Brisbane and Perth where components get repurposed at the end of their lives and are sent back to customers, reducing the amount of raw material and carbon emissions that come with new products.”
Alongside its extensive excavator range, Hitachi Construction Machinery Australia manufactures rigid dump trucks and wheel loaders for a variety of mining applications, among other solutions.
“We provide the whole service for overburden or mineral product removal from a mine site,” Ryan said.
When Global Lithium Resources announced a a 43 per cent resource increase for its Manna lithium deposit in June, it solidified the project as a truly world-class asset.
This took Manna’s mineral resource estimate (MRE) to 51.6 million tonnes (Mt) at one per cent lithium oxide, within arm’s reach of Mineral Resources’ (MinRes) 60.5Mt Mt Marion lithium operation located just down the road.
Manna now well and truly trumps MinRes’ 26.5Mt Bald Hill mine for size, which is an operating lithium asset.
Global Lithium managing director Ron Mitchell used his presentation at Diggers and Dealers this week to speak about how the MRE increase makes Manna the second largest lithium resource in the Kalgoorlie lithium province.
“We did only list in May 2021, it’s been quite a ride,” Mitchell said of the company’s robust financial position with $27 million in the bank as of June’s end. This ensures the project is fully funded through the final investment decision and beyond.
“We are really prudent on our spend given the current market conditions,” he said.
The Manna project, located approximately 100km east of Kalgoorlie, has shown remarkable progress over two-and-a-half years of drilling, with significantly more geological confidence in the asset.
The metallurgical testwork predicts lithium recovery rates between 75 per cent and 78 per cent, confirming the project’s viability.
“In my 14 years in the lithium sector, I’ve come across a lot of lithium projects, and not a lot are spodumene-dominant,” Mitchell said.
“It (Manna) is infrastructure rich, (and) there’s an operating railway line about eight kilometres south of the project site.”
Global Lithium is working with authorities at the Port of Esperance to utilise the railway line, which offers the Manna project significant logistical advantages, reducing transportation costs and emissions.
The company is also focused on community and environmental initiatives, working closely with Traditional Owner group, the Kakarra people, to finalise a native title mining agreement.
The Manna definitive feasibility study (DFS) is nearing completion and expected by the end of the year.
“The next six months are going to be crucial for us,” Mitchell said, highlighting the ongoing metallurgical testwork and upcoming announcements regarding the DFS, mineral reserves and project approvals.
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Amid the Australian gold price reaching $3680 per ounce on August 5, Evolution Mining executive chair Jake Klein predicted that the price will continue to soar.
“Since we emerged from the fog of COVID-19 in 2022 and the associated travel restrictions, I’ve stood at this podium for the last two years telling you that the price of gold would be higher the next time we meet,” Klein said while speaking at the 2024 Diggers & Dealers Mining Forum on August 6.
“And fortunately for me, I’ve been correct this year. I come with the same good news. I’m going for a hat trick: the gold price will again be higher in 2025.
“In an excellent recent research piece, Citigroup forecast a base case gold (price) for 2025 to be between $US2700 and $US3000 an ounce. That’s up between $US200 and $US500 an ounce from current prices.”
The predicted increase comes at a perfect time for Evolution, which has five Australian gold operations: two in New South Wales, two in Queensland and one in Western Australia. Klein shed light on how Evolution has advanced over the years.
“We’ve established an outstanding portfolio of gold and copper assets,” Klein said.
“10 years ago, Evolution had a market capitalisation of around $650 million, which is less than 10 per cent of our market cap today. Average mine life – based on reserves – was about seven years, and (we) were producing 440,000 ounces of relatively high-cost gold.
“Today, we have 33 million ounces of gold and 4.1 million tons of copper in resources. We produce over 700,000 ounces of very low-cost gold, and our average mine life – based only on reserves – is at least 15 years.”
Klein credited Evolution’s growth to its significant exposure to copper.
“We have added 75,000 tons of annual (copper) production. (We also credit) our very long mine lives with high quality ore bodies,” Klein said.
“The lowest cost investment and highest rate of return is always going to be organic growth. We don’t have to go out and buy new resources to grow production or to extend our mine lives. We already own them.”
In December 2023, Evolution acquiredChina Molybdenum Co’s (CMOC) 80 per cent stake in the Northparkes copper-gold mine in NSW. The purchase was the main driver of Evolution’s mineral resource growth.
“The attractions for us in 2020 were evident and remain the same,” Klein said. “(These include) a 30-year reserve life, an excellent team with deep technical knowledge of caving, great geological upside and immediate cash generation.
“The first seven months of ownership have exceeded our expectations in almost every way. We’ve generated $74 million of net mine cash flow, and there is a lot more to come.”
Evolution is currently implementing a lower capital-intensive sub level cave option at the E48 ore body within Northparkes. It is also currently sourcing ore from Northparkes’ E26 Lift 1 North block cave.
Klein said that Northparkes has “abundant resources” equalling a 70-years mine life, if all the resources are mined.
“Therefore, our focus is on near surface, high-grade mineralisation that can leapfrog its way into the production profile,” Klein said.
“And here, even having only owned the asset for seven months, we’re having great early success. This is undoubtedly an asset that would fit well in any gold or copper company in the world. And we are very, very happy owners.”
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