Wednesday, August 6, 2008

Xstrata expands Kidd Mine

Xstrata Copper today announced it will spend more than C$120 million to extend the life of the Kidd Mine in Timmins.
The Kidd Mine, which is already the world's deepest copper and zinc mine, will be extended from 9,100 feet to 9,500 feet. It will allow the company to extract an additional 3.4 million tonnes of ore and extend the life of mine by roughly one year, to 2017. The expansion will allow for the creation of 75 new full-time jobs for the duration of the construction project.
In a news release, Xstrata Copper Canada Chief Operating Officer Claude Ferron said of the investment:
"The investment approval reflects Xstrata Copper's commitment to the sustainability of Kidd Mine and the Timmins community and its business strategy to continually implement improvements to enhance the value of its operations. Our ability to mine safely and efficiently at the current 8,800 level, the commitment of our employees and support of the community were fundamental factors in obtaining the necessary approvals."
"We continue to study the potential to add more reserves at the mine and to further extend its operational life" said Ferron.
Construction is already underway and scheduled for completion by mid 2010.
In 2007, approval was given to extend the mining zone to 9,100 feet and in June 2008 to 9,500 feet for a combined additional investment of C$148 million.
The Kidd Mine, which began operations in 1966, was developed by Texasgulf.
It now forms part of the Xstrata Copper Canada division, one of five operating divisions of Xstrata Copper. Together with the Kidd Metallurgical complex, it employs close to 2,200 employees and contractors. In a news release, Xstrata says the Mine D expansion project was completed in 2006 at a capital cost of C$664 million .

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