Simba Mining Inc.'s wholly owned subsidiary is the licence holder of a 3615 sq km licence area on the coast of Angola. Work to date has established a measured resource of 7.1 million tonnes and an indicated resource of 58.1 million tonnes at 2.14% copper (see details under Projects).
Mining of the resources will be undertaken through conventional heap leaching plus solvent extraction electro mining SXEW to produce LME grade copper cathode. Initial plant production capacity is planned to be 20,000 tonnes per annum (approximately 40 million lbs). Following upgrading confirmation of the geological resource, it is anticipated that the plant capacity will be increased to 40,000 - 50,000 tonnes per annum (approximately 80 - 100 million lbs of copper).
The mine is located near the coast with much infrastructure already in place. Power tariffs are currently us 2 cents / Kwh. Operating costs are estimated at US$ 45 - 48 c/lb, which includes a contingency of US$ 10 c/lb. The current price of copper is approximately US$ 1.50/1b.