Australian mining and metals company, South32 Ltd, has approved the ZAR4.3 billion (US$301 million) Klipspruit Life Extension project in Mpumalanga, South Africa. Development activity is expected to commence in the current quarter with first coal expected from the opencut operation in February 2019.
CEO of South32, Graham Kerr said: “Approval of the 4.3 billion Rand Klipspruit Life Extension project will secure the future of the colliery for at least another 20 years, ensure employment for 740 people and create 4000 jobs during construction.”
“The investment is expected to generate an internal rate of return (IRR) on investment for more than 20% by unlocking 616Mt of resource at the Klipspruit South and Weltevreden deposits, and fulfilling around half of our current rail obligations with Transnet.”
Read the article online at: https://www.globalminingreview.com/finance-business/27112017/south32-authorises-kilspruit-life-extension-project/