Sibanye-Stillwater has acquired the Mt Lyell copper mine in Tasmania as part of the option to acquire 100 per cent of Copper Mines of Tasmania from Vedanta Limited for a consideration of US$10 million, through the acquisition of New Century Resources Limited (NCR).
Mt Lyell is a previously operated underground copper mine (with gold by-products), which commenced production in 1894 and operated until it was put on care and maintenance in 2014.
A feasibility study, which considers the re-establishment of the operation, is underway, with Sibanye-Stillwater to review its options upon completion.
Sibanye-Stillwater CEO, Neal Froneman, said the company identified copper as an essential metal to enable the clean energy transition.
“Mt Lyell potentially provides a low cost exposure to copper, adding primary production of copper to our current lithium and nickel exposure. We look forward to working with all the local stakeholders including the Tasmanian Government as we consider the potential advancement of this opportunity.”
Notice in terms of Section 45(5) of the Companies Act, Sibanye-Stillwater has agreed to provide loan funding to, and a guarantee for and on behalf of, NCR to facilitate the completion of the Mt Lyell Transaction.
