Rio Tinto OKs Northparkes

Denver — London-based Rio Tinto (RTP-N) has approved development of the Lift 2 project at the Northparkes copper-gold mine in New South Wales, Australia.

Construction of the A$139-million project will begin in February.

The underground project contains 25 million tonnes grading 1.2% copper and 0.48 gram gold per tonne.

Rio Tinto, which took over a controlling 80% interest in the operation as a result of the North acquisition in late 2000, expects block-caving production from Lift 1 to be completed by 2004. Development of the deeper Lift 2 will maintain production through 2010.

Japan’s Sumitomo Metal Mining and Sumitomo Corp. jointly hold the remaining 20% interest in the mine.