Australia's copper and gold mine allowed to extend the 7-year mining period

The North Pax Copper and Gold Mine in Australia has been approved to extend its mining life by 7 to 2032 years.

North Parks Copper and Gold Mine is located in New South Wales, Australia and is the fourth largest copper producer in the country. At present, the mine produces 6 million tons of copper concentrate annually, mostly exported to China, Japan and India.

The operations director of the North Parkes Copper and Gold Mine stated that the current mine life extension has obtained all required approvals from the NSW and the federal government.

In 2013, Luoyang Molybdenum acquired an 80% interest in North Parkes Copper and Gold Mine and related assets through a wholly-owned subsidiary in Hong Kong, with a total transaction volume of US$820 million.

The North Parks Copper and Gold Mine, located in New South Wales, Australia, is the fourth largest producer of copper in the country and is known for “high quality, low cost”. In 2012, it had a net profit of US$144 million.