Modern Mining January 2025

TOP PROJECTS

Unlocking economic value for Africa Modern Mining’s Top Projects for 2025 are well positioned in the power play segment of business, covering gold, a safe-haven asset, that has clocked more than 30 all-time highs in terms of price in 2024; copper, a highly efficient conduit used in renewable energy systems to generate power from solar, hydro, thermal and wind energy and uranium, the fuel most widely used by nuclear plants.

T his year’s projects include Pan African Resources Mogale tailings re-treatment (MTR) asset located in South Africa; Barrick’s Lumwana Super Pit expansion Barrick’s Lumwana Super Pit expansion project in Zambia; and Australia-based Lotus Resources Letlhakane uranium mine, in Botswana. The projects are at various stages of development, with Pan African Resources MTR project already producing gold, having achieved steady state production in January 2025. Barrick and Lotus Resources are in early stages of project development, with Barrick having recently initiated detailed engineering works and pre-construction ground preparation works at its Lumwana Super Pit expansion project. The Letlhakane project in the process of beneficiation test work at the mine, conducting geometallurgical modelling and undertaking a processing options study. Gold miner, Pan African Resources' MTR assets give the miner a significant production boost, catapulting it from a ca.190 000 oz producer to a 250 000 oz per year producer. The dual listed entity achieved first gold from its recently constructed R2,5 billion MTR operation in the first week of October 2024 - four months ahead of schedule. With

the gold price setting new records, having climbed above the $2750 oz mark at the end of October 2024, PAR is anticipating a significantly reduced payback period on its Mintails loan of between two- and three-years. The Lumwana Super Pit Expansion, a previously struggling mine, has been transformed by Barrick. The project is targeting a 70% increase in production, a doubled lifespan, and the creation of thousands of local jobs. Barrick injected a whopping $2 billion to turn the asset around. Upon the project’s completion, the mine’s production will rise to an impressive 240 000 tonnes of copper annually. The expansion unlocks the potential to transform the Lumwana mine into a high-yielding Tier One copper mine. Lastly, Lotus Resources' Letlhakane uranium mine, one of the largest undeveloped uranium projects in the world, is expected to make a positive contribution to a carbon-free future, while also building strong local communities and fostering a safe and healthy work environment. Situated in Botswana, the Letlhakane uranium mine has a resource base of some 155 mt at 345 ppm. With the global market for uranium focused on power supply, the Letlhakane project is scheduled as the backbone for a clean energy future. n

30  MODERN MINING  www.modernminingmagazine.co.za | JANUARY 2025