Xstrata plans $160m Mt Isa mining expansion
Thursday, August 3rd 2006
Swiss mining giant Xstrata has revealed plans to turn its Mt Isa operations in north-west Queensland into the world’s third largest zinc mine.
In its interim profit report, Xstrata Zinc has announced a new $160 million project which will boost production by 60 per cent within two years.
The company says this year’s production of 5.5 million tonnes will rise to 8 million by 2008 – an increase in north-west zinc output of 165 per cent since 2003.
General manager Fred White says boosted production is being matched by expanded reserves.
“In 2004, reserves for the zinc side of the business sat at 48 million tonne,” he said.
“Since then we’ve increased those by bringing Black Star open-cut online and, with further drilling around Black Star and out at George Fisher Mine, we’ve managed to lift those reserves to 81 million tonne now.”
