Modern Mining January 2023

TOP PROJECTS

T ime is money and, with this in mind, Modern Mining’s Top Projects have an eye on the finish line, with the chosen proj ects, Renergen’s Virginia gas project, South Africa’s pre-eminent clean energy project, having started production of Phase 1 in September last year and diamond major De Beer’s Venetia Underground Project (VUP) eyeing production in 2023. Interestingly, 2024 is turning out to be a milestone year for three of our top proj ects. Pan African Resources’ newest tailings retreatment project – the Mogale Gold project –is set to deliver first gold production in December next year, as is Ivanplats, which is positioning its Platreef project as one of the world’s largest and lowest-cost platinum group metals producers while Orion Minerals’ Prieska copper-zinc project, armed with a revised production strategy, is also aiming to be in pro duction in the latter part of next year. Our top projects also come with a hefty price tag – in fact, the capex to get VUP into production is an eye-watering $2,1-billion, while Renergen’s Virginia project required an outlay of R1 billion for Phase 1 and an estimated $1 billion for Phase 2. The Mogale project will cost an estimated R2.5-billion in capital expenditure while Platreef’s phased development is set to cost $488-million for the initial 700-ktpa underground mine and a whopping $1.5 billion for Phase 2. Given that funding has proved to be a challenge for Orion Minerals, the company has revised the development of its Prieska project, which initially called for peak funding of R4.8 billion, to be developed in a phased manner. Initial development funding now amounts to some R360-million. Aligned with the green agenda While size matters, the massive price-tag to get these projects into pro duction is not the only reason they are considered stand-out projects – these projects are set to play an essential role in offsetting the high rate of employment in the country while being firmly placed to meet the global agenda for a low carbon economy, with the minerals being mined to be used in the development of a more sustainable world. Notably, Renergen’s Virginia Gas Project is a game-changer for the South African economy, acting not only as a catalyst for the first com mercial liquified natural gas project, but also as one able to catalyse the Free State and surrounding areas into a sustainable clean energy hub. Ivanhoe Mines, meanwhile, is positioned at the vanguard of the global shift towards net-zero carbon emissions with its diverse port folio of critical raw materials integral for the global transition from fossil-fuelled transportation and energy generation to electric vehicles and renewable power. Within its portfolio of green metals, Ivanhoe Mines has metals, including copper, platinum group metals and nickel, all of which are in demand for several clean technologies. Similarly, the Prieska project, set to produce copper-zinc, will be at the forefront of supplying metals required for the clean energy transition. Importantly, Pan African Resources’ Mogale Gold project plans to turn what once was a legacy liability left behind from historical mining activity into a high-margin income generating asset, capable of stimulat ing the local economy and the environmental remediation of the area. Diamond miner De Beer’s vision of being carbon neutral across its operations as it targets a net positive impact on biodiversity, sees the VUP come into production armed with a sustainability and technology roadmap to meet these goals.  Gearing to deliver

Venetia Underground Project.

Platreef Project.

Virginia Gas Project.

Mogale Gold Project.

Prieska Copper-Zinc Project.

Top projects

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