Sibanye-Stillwater has approved investment to proceed with the Mt Lyell copper-gold project in Tasmania, Australia, moving the historic operation toward a restart after more than a decade on care and maintenance. The company said the project has received a positive investment decision from its board, with steady-state production expected at approximately 26,000 tonnes of copper per year, alongside around 16,000 oz of gold and 116,000 oz of silver annually. First production is targeted for early 2029.
The project is expected to require approximately A$490 million of capital investment and support an initial 23-year mine life. Sibanye-Stillwater plans around US$4.1 million of expenditure in H2 2026 as Mt Lyell moves into the execution phase, while broader project execution is expected to begin in H1 2027. The Tasmanian government has also confirmed the restart decision and said the project could create up to 300 jobs.
Mt Lyell has been on care and maintenance since 2014, making the latest board approval a significant step toward bringing the mine back into production. The project forms part of Sibanye-Stillwater’s broader organic growth programme, alongside other approved investments across its portfolio.
The positive investment decision establishes a clearer pathway for Mt Lyell to return to production and add around 26,000 tonnes per year of copper to future Australian supply at steady state. However, first production remains targeted for early 2029, meaning the project still needs to progress through execution and construction before contributing new copper units to the market.
