New infrastructure investment for CSA Copper mine - 40 new jobs
The CSA Copper mine at Cobar will see a fresh boost with the investment of $150 million in a new expansion.
The infrastructure investment by owner Glencore is intended to extend the mine life by 16 years, and will result in the creation of an additional 40 operations roles to the 300 strong local workforce.
Glencore recently flagged intentions to sell the CSA Mine as part of a debt reduction drive, having received expressions of interest in the sale.
The major miner plans to pay down $US10.2 billion in debt over concerns that it’s $US50 billion in debt was too much for the soft commodities market.
CSA produces around 50,000 tonnes of copper each year from depths of 1600m below surface.
The mine has been operating since the 1870s, when the name originally stood for Cornish, Scottish and Australian mine.
The Australian reported there was interest in the mine from private equity groups, including Owen Hegarty’s EMR Capital fund.
26 November, 2015 - Ben Hagemann - Australian Mining