Australia Markets closed

Oz Minerals to fast-track new SA mine

Mining company Oz Minerals says it will create hundreds of jobs by fast-tracking plans for a new mine in South Australia.

Ramped-up activity at the copper and gold deposit at Carrapateena, north of Port Augusta, is expected to create about 400 construction jobs and a similar number of ongoing jobs.

Oz Minerals aims to cut costs by building the mine amid a sustained low in global commodity prices.

By the time production begins in 2019, it's set to reap about $150 million annually.

"Once in full production, Carrapateena will help return South Australia to the copper mining powerhouse it once was," the company said on Friday.

SA Treasurer Tom Koutsantonis labelled the investment a vote of confidence in the state's resources sector.

The development comes a week after the government announced a plan to triple copper production to one million tonnes or $8 billion by 2030.

Oz Minerals is expected to give the mine the final go-ahead early next year.