Miniere De Kinsenda Et Musoshi SPRL
Company Details
Company Introduction
Miniere de Kinsenda et Musoshi SPRL, the fully-integratedexploration, mining, trading and Investment Company, is pleased toannounce an update on its activities in the Democratic Republic ofthe Congo ('DRC'). The Company has acquired the remaining 45%interest in Congo Resources Venture Luba increased its resourceestimates on the M19, M21 and Komboluba concession areas in theKatanda Province and raised its production targets for cobalt andcopper cathode to 15, 000 tonnes and 150, 000 tonnes per annumrespectively. The remaining 55% of reserves has been acquiredfollowing the purchase of Muntu Metal Trading Ltd for in cash: TheCompany acquired the initial in February 2005 following thepurchase of Kalangana Metal Factories Ltd. The resources estimatedon the M19, M21 and Luba concession areas by Gecamines and UnionMiniere have now been quantified at 2.5 million tonnes of copperand 500, 000 tonnes of cobalt, contained in 70 million tonnes ofore. These estimates have been extracted from further analysis ofthe original data, which was based on exploration that pre-datesmodern resource reporting standards, as well as new data obtainedfrom the aforementioned sources, covering the M21 concession. Anaeromagnetic and spectrum survey is currently being flown on theM19 and M21 concession areas, which will define targets for thedrilling programme being conducted to increase the resourceestimates and bring them up to Likabashi compliant status.Following continued investment and re-appraisal, the Luba copperprocessing facility is now being expanded in order to achievetemplate capacity of 100, 000 tonnes of copper cathode by the endof 2008. The investment programme includes the running of a 6kmpower line, the upgrading of an electrical substation, theconstruction of an expatriate 50 house village and leisurefacilities to accommodate the Company's increasing staffingrequirements, the building of a fully enclosed and covered 40hectare SX-EW plant and the implementation of an extensive roadconstruction programme. The initial phase of the development of thecopper leaching facility at Luba is now complete. It is intendedthat in the short term the leached solution will be toll treated bya third party, with whom discussions are on-going, to produce LMEGrade metal. It is anticipated that the Luba facility will alsoproduce up to 20, 000 tons per annum cobalt cathode from theintegrated copper cobalt leach and electro winning circuits. Atpresent the Luba cobalt leach facility produces high value cobaltconcentrate in the form of oxides and hydroxides. However, cobaltelectro winning facilities are being implemented in parallel withthose for copper. In addition, a new DMS plant is being establishedto help process cobalt ore from Milubacongo and other M19 cobaltdeposits. The Company is also in the process of strengthening itsBoard and operational team to help facilitate the rapid developmentof the Company in the whole of DR Congo. Our company 10 YrsDevelopment Plan 'We are only at the beginning of a comprehensiveexploration programme, which we are confident will, over a periodof time, confirm a very significant resource base in the highlyprospective concession areas in which we have an interest. We willcontinue to invest in the DRC in the belief that there is furtheropportunity for a company such as ours, which has spent significanttime on the ground developing relationships and delivering on it
Company Information
Company Product
- gold dusts/nuggets coppercopper cathodes goldcopper cathodes goldcopper cathodes goldCopper cathodes 99.95% toCopper cathodes 99.95% togold dusts/nuggets copperCopper cathodes 99.95% togold dusts/nuggets copperCopper cathodes 99.95% to