Mine De Tshikolobwe Company Plc, the Our fully-integrated exploration, mining, trading and investment company, is pleased to announce an update on its activities in the Democratic Republic of the Congo ('DRC'). The Company has acquired the remaining 45% interest in Congo Resources Venture Luba increased its resource estimates on the M19, M21 and Komboluba concession areas in the Kakanda Province and raised its production targets for cobalt and copper cathode to 15,000 tonnes and 150,000 tonnes per annum respectively.
The remaining 55% of reserves has been acquired following the purchase of Muntu Metal Trading Ltd for in cash: The Company acquired the initial in February 2005 following the purchase of Kalangana Metal Factors Ltd.
The resources estimated on the M19, M21 and Luba concession areas by Gecamines and Union Miniere have now been quantified at 2.5 million tonnes of copper and 500,000 tonnes of cobalt, contained in 70 million tonnes of ore. These estimates have been extracted from further analysis of the original data, which was based on exploration that pre-dates modern resource reporting standards, as well as new data obtained from the aforementioned sources, covering the M21 concession. An aeromagnetic and spectrum survey is currently being flown on the M19 and M21 concession areas, which will define targets for the drilling programme being conducted to increase the resource estimates and bring them up to Likabashi compliant status.
Following continued investment and re-appraisal, the Luba copper processing facility is now being expanded in order to achieve template capacity of 100,000 tonnes of copper cathode by the end of 2008. The investment programme includes the running of a 6km power line, the upgrading of an electrical substation, the construction of an expatriate 50 house village and leisure facilities to accommodate the Company's increasing staffing requirements, the building of a fully enclosed and covered 40 hectare SX-EW plant and the implementation of an extensive road construction programme. The initial phase of the development of the copper leaching facility at Luba is now complete. It is intended that in the short term the leached solution will be toll treated by a third party, with whom discussions are on-going, to produce LME Grade metal.
It is anticipated that the Luba facility will also produce up to 20,000 tons per annum cobalt cathode from the integrated copper cobalt leach and electro winning circuits. At present the Luba cobalt leach facility produces high value cobalt concentrate in the form of oxides and hydroxides. However, cobalt electro winning facilities are being implemented in parallel with those for copper. In addition, a new DMS plant is being established to help process cobalt ore from Milubacongo and other M19 cobalt deposits.
The Company is also in the process of strengthening its Board and operational team to help facilitate the rapid development of the Company in the whole of DR Congo.
Our company 10 Yr Development Plan
'We are only at the beginning of a comprehensive exploration programme, which we are confident will, over a period of time, confirm a very significant resource base in the highly prospective concession areas in which we have an interest. We will continue to invest in the DRC in the belief that there is further opportunity for a company such as ours, which has spent significant time on the ground developing relationships and delivering on its promise
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Business Type :
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Trading Company
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Annual Sales :
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Below US$1 Million
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Luck David
347, avenue Maniema, Masaki,
Dar es Salaam
Dar es Salaam
Tanzania
Phone: 255-222-232078
Fax: 255-222-232078 |
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