Graham Kerr, South32’s Chief Executive Officer, said: “Approval of the R4,3 billion Klipspruit Life Extension project will secure the future of the colliery for at least another 20 years, ensure employment for 740 people and create 4 000 jobs during construction.

“The investment is expected to generate an internal rate of return (IRR) on investment of more than 20 % by unlocking 616 Mt of resource at the Klipspruit South and Weltevreden deposits, and fulfilling around half of our current rail obligations with Transnet.”