Sydney, September 2 (Argus) - South African mining group Sibanye Stillwater (SBSW) has made the final investment decision to restart the 26,000-ton-per-year Mount Lyell copper mine in Tasmania, Australia.
SBSW stated on September 1 that the company will spend $7.5 million in capital expenditures for the restart from July to December 2026, with the goal of starting production in January to March 2029. The total capital expenditure for the restart is expected to reach approximately $340 million. SBSW said that the company will invest an additional $74 million "after the actual completion of the restart work" to renovate the mine. According to the latest feasibility study by SBSW from January to March this year, although the mine was idled by its previous owner in 2014 due to a series of deaths and insufficient safety measures, the remaining life of Mount Lyell mine is still 23 years. Australian mining companies South32 and BHP are considering increasing copper production as they expect prices to support higher profits. BHP expects that, driven by the growth in data centers, renewable energy, and electric vehicles, global copper demand will increase from 34 million tons per year to 50 million tons per year by 2050.
