Mining giant Rio Tinto Ltd confirmed today that it has approved development of its Northparkes E48 block cave project in New South Wales, along with joint venture partner Sumitomo, reported Australian Associated Press.
November 30, 2006
The Northparkes Mine joint venture partners, Rio Tinto (80%) and Sumitomo (20%), have approved the development of the E48 block cave project. The project will cost US$160 million (Rio Tinto share US$127 million) and extend mine life until 2016. The E48 block cave will progressively replace the current block cave from 2009, and output from E48 will be processed in the existing concentrator and transported by rail to Port Kembla for export.
In the first half of 2006, earnings of $124 million were $107 million above the first half of 2005. Mined copper production increased by 77 per cent reflecting the continued mining of higher grade ore from the Lift 2 area. Operational performance exceeded design capacity and mill recoveries averaged over 90 per cent.
December 31, 2005
Production continued to increase, being 13 per cent above the third quarter with the full year 80 per cent above the previous year. The successful ramp up of Lift 2 has provided higher copper feed grades and allowed increased throughput.
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