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Australia launches new copper-nickel project

Australian company OZ Minerals has made the final investment decision on the West Musgrave copper-nickel project in Western Australia. The cost of the project is estimated at A$1.7 billion ($1.1 billion). According to the company, it has already resolved the issue of attracting a syndicated bank loan for A$1.2 billion.

The company plans to mine 13.5 million tons of ore annually. The volume of production in the first five years will be 35 thousand tons of nickel and 41 thousand tons of copper in concentrate per year, then it will decrease to 27 thousand tons of nickel and 33 thousand tons of copper. The life of the mine is estimated at 24 years.

OZ Minerals says 80% of the mine’s electricity will be supplied by solar and wind farms, and by 2038 the company plans to completely zero carbon dioxide emissions. However, the company will install diesel generators as backup capacity.

In August 2022, Australian mining corporation BHP made an offer to OZ Minerals shareholders to buy the company A$8.4 billion ($5.6 billion), but its board considered the price too low.