THE Palabora Mining Company in Limpopo and its partners are positioning themselves to turn 240million tons of magnetite mineral into steel for global market consumption.
PMC plans to employ 55 workers during the first phase of the project, and this figure is expected to increase as time goes on.
The mine's new technology is aimed at giving the company extra life.
The sustainable recycling project is planned to start in July, with PMC partnering Iron Minerals Beneficiation Services (IMBS) to operate the mine for the next 40 years.
The R120-million project will be done in collaboration with the Industrial Development Corporation (IDC) and Severstal Steel, a Russian steel company which owns shares in IMBS.
PMC spokesman Mike Mabasa said the company had realised that magnetite had become an important mineral in the company, and was exploring opportunities to expand the business further.
"We are investigating how best we can grow and expand the project. There is a huge pile of magnetite on our property that we dumped after extracting iron from the rocks," he said.
Mabasa said magnetite contributed significantly to the turnover of the company, which exports 3.5million tons per annum.
PMC is also planning to double its production in the next two years to 6million tons.
The new development in the mine will also help it to extend its lifespan and be able to contribute meaningfully to the local economy.
According to the mine, its current lifespan was expected to come to an end in 2015 in terms of copper production. Now the new model offers hope for the company to continue participating in steel production.
The mine was started in 1965, but began its underground operations in 2002. The company is also embarking on studies to determine if it could mine for another 17 years. "We are going to conduct a pre-feasibility study to determine whether to extend the lifespan of mine to 2030," said Mabasa.
IMBS marketing manager Simon Willmott said they were targeting to start producing 50000 tons per annum but that the number would "grow as the project grows".
Miner looks to recycling for business
THE Palabora Mining Company in Limpopo and its partners are positioning themselves to turn 240million tons of magnetite mineral into steel for global market consumption.
PMC plans to employ 55 workers during the first phase of the project, and this figure is expected to increase as time goes on.
The mine's new technology is aimed at giving the company extra life.
The sustainable recycling project is planned to start in July, with PMC partnering Iron Minerals Beneficiation Services (IMBS) to operate the mine for the next 40 years.
The R120-million project will be done in collaboration with the Industrial Development Corporation (IDC) and Severstal Steel, a Russian steel company which owns shares in IMBS.
PMC spokesman Mike Mabasa said the company had realised that magnetite had become an important mineral in the company, and was exploring opportunities to expand the business further.
"We are investigating how best we can grow and expand the project. There is a huge pile of magnetite on our property that we dumped after extracting iron from the rocks," he said.
Mabasa said magnetite contributed significantly to the turnover of the company, which exports 3.5million tons per annum.
PMC is also planning to double its production in the next two years to 6million tons.
The new development in the mine will also help it to extend its lifespan and be able to contribute meaningfully to the local economy.
According to the mine, its current lifespan was expected to come to an end in 2015 in terms of copper production. Now the new model offers hope for the company to continue participating in steel production.
The mine was started in 1965, but began its underground operations in 2002. The company is also embarking on studies to determine if it could mine for another 17 years. "We are going to conduct a pre-feasibility study to determine whether to extend the lifespan of mine to 2030," said Mabasa.
IMBS marketing manager Simon Willmott said they were targeting to start producing 50000 tons per annum but that the number would "grow as the project grows".
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