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.
Mt Lyell has a 135Mt Mineral Resource containing 1.1Mt of copper and 0.94Moz of gold across various underground and open pit deposits. All leases are 100% held by Copper Mines of Tasmania (CMT) which is a wholly-owned subsidiary of Sibanye-Stillwater, including significant infrastructure and underground development underpinning the potential brownfield development.
Sibanye-Stillwater obtained the option to acquire 100% of CMT through the acquisition of New Century Resources Limited outlined in the announcement dated 27 October 2021. Sibanye-Stillwater has subsequently exercised this option.
A feasibility study, which will determine the best option for the re-establishment of the operation, is underway. Sibanye-Stillwater will review its options upon completion of the feasibility study.
Neal Froneman, CEO of Sibanye-Stillwater commented, ”We identified copper as an essential metal necessary 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 project.”
- Media release, 1 Nov 2023: Sibanye-Stillwater exercises its option on the Mt Lyell copper mine and gives notice to shareholders in terms of Section 45(5) of the Companies Act
- Media release, 27 Oct 2021: Sibanye-Stillwater invests further in the circular economy as it expands its tailings retreatment exposure through a 19.99% investment in New Century Resources