Palabora
{{Short description|Publicly traded mining company based in South Africa}}
{{update|date=July 2016}}
{{Use dmy dates|date=November 2020}}
{{Infobox company
| name = Palabora Mining Company Limited
| key_people = Guangmin Wei (chief executive officer)
}}{{Infobox mine
| name = Palabora copper mine
| image = Palabora-Open-Pit-Mine-2019.jpg
| width = 240px
| caption = Open pit mine outside Phalaborwa
| pushpin_map =
| pushpin_label =
| pushpin_map_caption = Location in
| coordinates =
| place = Phalaborwa
| subdivision_type = Province
| state/province = Limpopo
| country = {{RSA}}
| official website =
| acquisition year =
| products = Copper
vermiculite
anode slimes
nickel sulfate
sulfuric acid
magnetite
| financial year =
| amount =
| opening year = 1956
| closing year =
}}
Palabora Mining Company Limited (founded August 1956) is a publicly traded mining company headquartered in Phalaborwa, Limpopo province, South Africa. The company operates a single cluster of open-pit and underground mines producing mainly copper as well as byproducts such as precious metals from anode slimes, nickel sulfate, sulfuric acid, magnetite, and vermiculite. Palabora also has processing facilities on site for the production of purified copper from mined copper ore, and a vermiculite recovery plant. Its final copper product has two forms namely, copper cathode and copper rod.{{cite web|url=http://www.palabora.com/|title=Palabora Mining Company|year=2005|publisher=Palabora Mining Company|accessdate=14 April 2009}}
In addition to its mining activities, Palabora maintains subsidiaries located in the United States, United Kingdom and Singapore for the marketing of vermiculite.
History
Until 2013, Rio Tinto owned 57.7 per cent of Palabora and Anglo American owned 16.8 per cent.{{Cite web |date=2011-09-05 |title=Rio, Anglo to sell stakes in Palabora Mining |url=https://mg.co.za/article/2011-09-05-rio-anglo-to-sell-stakes-in-palabora-mining/ |access-date=2024-12-24 |website=The Mail & Guardian |language=en-ZA}} In September 2011, both companies announced that they planned to sell their stakes because its copper operation was "no longer of a sufficient scale."{{Cite web |date=2011-09-05 |title=Rio Tinto and Anglo American to sell £447m stake in South Africa's Palabora Mining |url=https://www.telegraph.co.uk/finance/newsbysector/industry/mining/8742837/Rio-Tinto-and-Anglo-American-to-sell-447m-stake-in-South-Africas-Palabora-Mining.html |access-date=2024-12-24 |website=The Telegraph |language=en}}{{Cite web |last=Ryan |first=Brendan |date=2011-09-05 |title=Rio Tinto to sell out of Palabora |url=https://www.miningmx.com/news/base-metals/23799-rio-tinto-to-sell-out-of-palabora/ |access-date=2024-12-24 |website=Miningmx |language=en-ZA}} In December 2012, they reached a pre-sale agreement to sell their collective 74.5 per cent interest at R110 per share in a deal that valued Palabora at R5.31 billion. The purchasing consortium was led by a Chinese state-owned entity, the Hebei Iron and Steel Group (35 per cent of the consortium); it also comprised the state-owned South African Industrial Development Corporation (20 per cent), General Nice Development (25 per cent), and Tewoo Group (20 per cent).{{Cite web |date=2012-12-11 |title=Rio Tinto and Anglo sell Palabora to Chinese group |url=https://www.mining.com/rio-tinto-and-anglo-sell-palabora-to-chinese-group-91994/ |access-date=2024-12-24 |website=MINING.COM |language=en-US}}{{Cite news |date=12 December 2012 |title=Hebei Group to Buy Rio's Palabora Mining for $476 Million |url=https://www.bloomberg.com/news/articles/2012-12-11/hebei-iron-steel-led-group-to-buy-rio-s-palabora-mining-1- |access-date=2017-08-31 |work=Bloomberg.com}}
Palabora mine
The Palabora mine was an open-pit operation until 2002, when the pit reached its final economic depth. Mining subsequently began in an underground mine which was constructed between 2001 and 2004.{{Cite journal |last=Nyarela |first=M. S. |last2=Khumalo |first2=R. B. |last3=Nemathithi |first3=R. C. |date=2022 |title=Drawpoint loading optimization strategies in block caving: A case study of Palabora Mining Company |url=https://www.scielo.org.za/scielo.php?script=sci_arttext&pid=S2225-62532022001100007 |journal=Journal of the Southern African Institute of Mining and Metallurgy |language=en |volume=122 |issue=11 |pages=639–646 |doi=10.17159/2411-9717/1664/2022 |issn=2225-6253|doi-access=free }}{{Cite web |title=Palabora Copper Mine, Palabora, South Africa |url=https://www.mining-technology.com/projects/palabora/ |access-date=2024-12-24 |website=Mining Technology |language=en-US}} It is the only producing copper mine operating in South Africa, as well as the largest employer in Ba-Phalaborwa.{{Cite web |last=Cornish |first=Laura |date=2020-02-12 |title=History repeats itself at Palabora copper mine in South Africa |url=https://www.miningreview.com/base-metals/history-repeats-itself-at-palabora-copper-mine-in-south-africa/ |access-date=2024-12-24 |website=Mining Review |language=en-ZA}}
References
{{reflist}}
{{Anglo American plc}}
Category:1956 establishments in South Africa
Category:Copper mining companies of South Africa
Category:Non-renewable resource companies established in 1956
Category:Former Rio Tinto (corporation) subsidiaries
Category:Companies listed on the Johannesburg Stock Exchange