South Africa’s largest gold mining firm, Concord Gold, is anticipating to start out copper manufacturing from its mine in Queensland, Australia by 2028.
The corporate’s CEO, Peter Steenkamp, instructed Reuters on Thursday (6 September): “We wish to make the ultimate funding resolution by the top of the [financial] 12 months. It’s a two-year construct, then Eva Copper shall be in manufacturing.”
In keeping with Steenkamp, early work, together with constructing entry roads, has began on the mine, which is anticipated to supply as much as 60,000tpa of copper.
Concord acquired the mission in 2022 and obtained a conditional grant of A$20.7m ($13.54m) from the Queensland Authorities in July, which is contingent upon Concord reaching a constructive last funding resolution by January 2026.
In its monetary and working outcomes for the 12 months ending 30 June 2024, Concord reported anticipated gold manufacturing of 1.4–1.5 million ounces (moz) to June 2025 after output rose 6% to 1.56moz within the monetary 12 months simply ended.
The outcomes additionally confirmed R11.4bn ($645m) headline earnings, marking a 132% enhance on the earlier 12 months. Concord attributed this rise to greater gold manufacturing, higher grades and document costs.
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“We proceed to allocate most of our mission capital to our higher-grade, higher-quality and lower-risk property,” said Steenkamp. He added that Concord’s gold output would stabilise round 1.4moz over the long run as the corporate continues to spend money on its higher-grade gold mines.
In February, the corporate introduced an funding of R7.9bn to increase the lifetime of the Mponeng gold mine in South Africa from seven to twenty years as a part of its worldwide progress technique.
Concord’s diversification away from gold and in the direction of copper displays surging world demand as miners goal to safe long-term provide chain stability for key markets equivalent to renewable infrastructure and electrical automobiles.