Copper mine re-opens after 40 years
1:00 PM January 27
The surging price of copper has encouraged a group of investors to re-open a South Australian mine shut down for more than 40 years.
The Copley Copper Mine near Leigh Creek in the state's far north was a thriving venture in the early part of the 20th century but closed in the 1960s.
Now, a new company known as the Leigh Creek Copper Mine has invested more than $3 million to drill for 21,000 tonnes of the mineral.
Director Colin Malloy says with copper prices reaching record levels, it should be a viable investment.
"If you read all the pundits around the world, they say 2008 these sorts of prices are very sustainable till then," Mr Malloy said.
"By that time, we should have put ourselves into a position where a downward spiral to some extent won't hurt us."
In the past 24 hours, copper has reached a record price of more than $US4,700 a tonne on the London Metal Exchange.