Richards Bay Minerals, which mines the key industrial mineral titanium from mineral sands, said on Thursday that its long-delayed $460m Zuthi South expansion project was being resurrected as unrest around its operations has faded three years after its general manager was murdered.
Richards Bay Minerals (RBM) managing director Werner Duvenhage made the announcement as the company, a unit of global mining giant Rio Tinto, unveiled a 20-year renewable energy agreement to procure 140MW of wind power - a long-term commitment that shows it is in restive KwaZulu-Natal for the long haul.
The Zuthi South expansion project, originally priced at $463-million, was put on ice by Rio in 2020 as the security situation around RBM deteriorated, culminating in the murder of general manager Nico Swart in May 2021.
Now the expansion project is back on track.
Duvenhage told journalists that RBM hoped to take the blueprint to the Rio board in the first half of next year, pending the outcome of a feasibility study and due diligence around that.
"Next year, we hope to get a decision and if it's favourable, we hope to start with the project," he said.
"In partnership with government, we have very much been able to get a stable environment... The current operations are running very smoothly. Unrest is almost unheard of."
Duvenhage said it had been "very quiet" since the July 2021 riots, paving the way to revive the shelved expansion plans. This is likely to come...