Aditya Birla to re-open Nifty mine

The share price of Perth copper producer Aditya Birla Minerals risen 19.5 per cent on the announcement that its Nifty underground copper mine had been cleared to resume operations. 

In March, the Department of Mines and Petroleum put a prohibition notice all mining activities at Nifty after a sinkhole developed in the underground mine in the Pilbara.

The company’s stock slumped after production was cut back, which caused a 37 per cent drop in sales revenue for the March quarter.

Birla received notification today that the prohibition has been lifted, however the DMP requested monthly update meetings with mine inspectors to discuss a proposed mining schedule, the progression of underground recommencement activities and ongoing geotechnical monitoring and analysis. 

“The company is proceeding to complete a development and production schedule for the mine to ensure an expedient recommencement of operations, whilst always ensuring the safety of its employees,” Aditya Birla said in a statement.

Aditya Birla last traded at 24.5 cents per share at 3pm.