The old Prieska Copper Mine in the Northern Cape, which exploited one of the world’s 30 biggest base-metal deposits until its closure in the 1990s, may be revived after an Australian-listed minerals explorer, Orion Gold, decided to exercise its option to buy 100% of the holding company. Although copper was the first mineral mined in SA by the Dutch settlers in the 17th century, there is now only one active copper mine, Palabora, near the Kruger National Park. Small quantities of copper are also produced at the Black Mountain zinc mine in the Northern Cape and as a by-product of platinum mining. Prieska produced 430,000 tonnes of copper and about a million tonnes of zinc in its lifetime, before owners Anglovaal closed it as copper and zinc prices at the time did not justify further capital investment. The cash price of copper on the London Metals Exchange is at $5,574/tonne, about half its high of $10,148/tonne in February 2011, but it has staged a strong recovery since its recent lo...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.