OZ Minerals greenlights Brazilian mine - Kitco NEWS

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(Kitco News) - OZ Minerals said Thursday it will commence constructions of its copper-gold Pedra Branca Mine, which will eventually employ 450 people.

Construction on the underground mine will commence next month with first development ore production targeted for mid-2020.

The future mine is a collaboration with Vale, a Carajás tenement holder.

"OZ Minerals Brazil has...entered into a series of interlinked strategic agreements with Vale, that simplify activities and enable OZ Minerals to draw on Vale’s extensive transport network, utilise their processing facilities and access small to medium high-grade Vale exploration projects in the Carajás," said OZ Minerals.

OZ Minerals said the net present value of the mine is about $55 million for a pre-production capital investment of approximately $35 million. When combined with the sale of concentrate to Vale, the NPV increases to circa US$75 million.

OZ Minerals said the construction phase will require approximately 100 people and once in production the steady state operations will employ 450 people in addition to 75 working at the Antas processing hub.

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