OZ Minerals to begin construction of Australia’s largest undeveloped copper mine

Adelaide-based OZ Minerals (ASX:OZL) will start constructing the US$724 million Carrapateena copper-gold mine in Australia, the country’s largest undeveloped copper mine.

The project, located in the far North of South Australia, will create ‘thousands’ of jobs during the construction phase, which commences next month, and a full-time workforce of up to 550.

Production from the mine is expected to begin in the fourth quarter of 2019, yielding an average of 65,000 tonnes of copper and 67,000 ounces of gold a year over a 20-year mine life.

“I think it’s an exciting day for OZ Minerals but it’s also an exciting day for South Australia,’’ said MD and CEO Andrew Cole. “Carrapateena is a big project but this is only phase one for us.

“There are much bigger opportunities and longer-term opportunities beyond this phase of the project, so we just see it as a stepping stone to bigger and better things over the longer-term.’’

Carrapateena will become South Australia’s second largest copper mine, behind BHP’s Olympic Dam. OZ also owns the Prominent Hill copper-gold mine in the same Northern region of the state.