- Sandfire Resources (SFR) has been granted its mining licence for the Motheo Copper Mine in Botswana
- This is the final major approval needed to commence the construction of the project
- Sandfire will now move additional personnel to the site to start construction of the process plant and other infrastructure
- The construction of the project will cost US$279 million (around A$364 million) and is estimated to take around two years
- On the market, Sandfire is up 1.03 per cent, trading at $6.89 per share at 2:06 pm AEST
Sandfire Resources (SFR) has secured its mining licence for the Motheo Copper Mine in Botswana.
This is the final major permitting milestone needed before the project construction begins.
Initial site works at Motheo commenced earlier this year. They included sterilisation drilling, a 15-kilometre access road and construction of a 200-person camp.
Following this approval, Sandfire will now move additional personnel to the site to start construction of the process plant and other infrastructures.
The construction of the project will cost US$279 million (around A$364 million) and is estimated to take around two years, with mining to commence in 2022.
Sandfire is expecting to finalise the updated mineral resource for the satellite A4 deposit in the coming weeks, aiming to expand production at Motheo from 3.2 million tonnes per annum (Mtpa) to 5.2 Mtpa.
As part of the mining licence approval process, the Government of Botswana has a right to purchase up to a 15 per cent stake in the T3-Motheo Project. However, the Government of Botswana has not yet notified Sandfire of its intentions regarding the stake.
Managing Director and CEO Karl Simich said receiving the mining licence was a huge milestone.
“We are absolutely delighted to now be in a position to move to full-scale construction at Motheo, with our construction crews expected to mobilise to site over the next few days,” Mr Simich said.
“I would like to thank the Government of Botswana for their support throughout the approvals process, which will see Motheo come on-stream in 2023 as one of very few new copper mines commencing production globally.”
On the market, Sandfire was up 1.03 per cent, trading at $6.89 per share at 2:06 pm AEST.