Repair work to Australia's Olympic Dam uranium and copper mine is on track for a resumption of full production between January and March next year, mine owner BHP Billiton said today.
The company also reaffirmed its Oct. 21 statement that the mine was now running at 25 per cent of ore-haulage capacity.
BHP Billiton share were trading up 91 cents, or 2.5 per cent, at $37.35, in line with a rally by other mining stocks.
A mechanical failure last month forced the mine to shut down its main haulage shaft and to switch to a smaller backup shaft.
Olympic Dam is the world's fourth-largest copper deposit, the largest known uranium deposit and the fifth-largest gold deposit
BHP said repairs to the main haulage shaft at the mine will begin later this month.
The world's biggest resources company said repairs at its damaged Clark Shaft haulage system, which is responsible for 75 per cent of the mine's ore production, would begin November 18.
''Repair work to damaged equipment is well advanced with the removal of the haulage systems winder, which next week will be sent for repairs to Whyalla,'' the company said.
The Clark shaft was significantly damaged on October 6, leaving a secondary shaft with a much smaller capacity to truck ore to the surface.
In 2008/09 Olympic Dam produced about 194,000 tonnes of copper cathode, 4,000 tonnes of uranium oxide, 108,000 ounces of gold and 938,000 ounces of silver.
BHP Billiton said the temporary closure of the Clark Shaft has enabled the company to bring forward significant maintenance work originally scheduled for the 2010 calendar year.
Maintenance work will began on November 16 and run until mid-January and will include major smelter reline.
Reuters, with AAP
