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Rex Minerals seeks $850m for copper-gold project

Friday, December 16th, 2022

The mining giant has announced it will be seeking financing of $850 million dollars to begin construction on its Hillside Copper-Gold project.

The mining giant believes operations like the Hillside copper-gold project on the Yorke Peninsula in SA are key for “the future of the planet”.

Located north-west and west of Adelaide, the mine is expected to produce 42,000 tonnes of copper and 30,000 ounces of gold each year for the first 11 years of operations.

There are also 500 jobs expected to be created during construction, with another 400 jobs up for grabs when the mine becomes operational in 2025.

“We’ve got quite a few local investors on the register, and we have a lot of interest from local suppliers and contractors,” Rex Minerals chief executive officer Richard Laufmann said.

“We’ll also be speaking to local and international banks and with the world moving to electrification, you can’t even take the first step without copper.

“Whether you use a coal-powered station or solar, you need copper to transmit the power.

“We’re at a changing point in history where we want to clean the planet, reduce the pollution and electrify, and the first thing you’re going to need is copper.”

Laufmann said the company was preparing the site to become ready for operations, with road diversions, power upgrades and water installations.

“The site is prepped and ready to go for when we start developing,” he said.

“At the same time, we’re training the people who are going to operate this mine.

“This mine just doesn’t bring jobs; it brings diversity (of industry) instead of just farmers in the Yorke Peninsula.

“This will bring in people that will support hospitals, schools, sporting clubs and all the sorts of things that make a region exciting.”

Laufmann also said the project was about “the future of the planet”.

“We’re not knocking over native forests and we’re not clearing any land that has native species living on it,” he said.

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