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Tuesday, July 28, 2020 - 1:26:43 PM
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Mining News Pro - Iron-ore mining and marketing company Kumba Iron Ore on Tuesday announced the approval of the Kapstevel South project at its Kolomela mine, by both the company’s and Anglo American’s boards.
The total capital cost of the project will be approximately R7-billion, including prestripping.
Kumba said in a release to Mining Weekly that it is anticipated that the addition of the Kapstevel South pit would deliver an after-tax internal rate of return of 25% and allow Kolomela to maintain an estimated earnings margin of more than 35% in the long term.
The project entails the development of a new pit, Kapstevel South and associated infrastructure at Kolomela.
The pit is a conventional truck and shovel operation producing high quality direct shipping ore.
Whilst the pit is included in the current life-of-mine, it contributes significantly to sustaining production of 13-million tonnes for the remaining life-of-mine.
Pit establishment and waste stripping will commence this year with first ore expected in 2024.
“The approval of this project, at a time when the global and South African economies face the challenges of Covid-19, underscores Kumba’s positive longer-term outlook for demand for its high-quality product. It also demonstrates our commitment to extend the lives of our mines and continue providing much-needed jobs and livelihoods in the Northern Cape region,” Kumba CEO Themba Mkhwanazi said.
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https://www.miningnews.ir/En/News/574506
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