Nick PERRY JOURNALIST
REX Minerals’ Hillside copper-gold mine, near Ardrossan, has been indefinitely delayed as the company tries to come up ways to make the project cheaper.
Managing director Mark Parry has resigned and the company is forming a board of experts, led by former managing director Steven Olsen, who will assess different options to establish the mine.
Rex had almost finished its bankable feasibility study, which focused on a 15 million tonnes per annum start-up, but will now consider other options including a smaller-scale start-up operation.
The board will consider constructing the mine with a smaller pit, as well as alternative designs for mining methods, haulage, processing and shipping.
Rex had planned to upgrade the Ardrossan port and ship directly from Yorke Peninsula, but is expected to now consider using an already-established port elsewhere in South Australia instead.
The company is implementing cost-saving measures to ensure it can use its cash reserves to focus on the extended study.
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