Northparkes E48 project approved

Thursday, 30 November 2006

The Northparkes Mine joint venture partners, Rio Tinto (80 per cent) and Sumitomo (20 per cent), have approved the development of the E48 block cave project in New South Wales, Australia. The project will cost US$160 million (Rio Tinto share US$127 million) and extend mine life until 2016.

The E48 block cave will progressively replace the current block cave from 2009, and output from E48 will be processed in the existing concentrator and transported by rail to Port Kembla for export.

Rio Tinto Copper chief executive Bret Clayton said “The Northparkes mine, which has successfully trialled a number of innovative block cave mining practices, makes an important contribution to Rio Tinto.”

Barry Lavin, managing director of Northparkes said, “The project is a state of the art development incorporating our experience and know-how from our previous two block cave projects. This investment represents a vote of confidence for Parkes. We are delighted that the JV partners are supportive of the project, which will sustain our economic contribution to the region for the next 10 years.”

The project is still subject to development approval from the New South Wales Department of Planning.