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BRINKLEY MINING PDF-PRESENTATION AUGUST-31
? or July 17th as stated on website
(RNS 31/08/07: TVR 349,751,248 from today)
At last more news on Katangan projects, Shinkolobwe is well known
- DRC Resource drilling starts mid-DEC till MAY-08
- Final Resource statement MAY-08
DRC-Kalongwe:
- Copper-Cobalt deposit
- Exploratory drilling and mine development
- Mineralisation at 20m below surface
- >1,000ppm U3O8 maximum grade approx 10,000ppm
DRC-Mindigi:
- U3O8-Copper-Cobalt deposit similar to Shinkolobwe
- Historical drilling and trenching with grades up to 30,000ppm
South Africa- Waterval:
- Average 1,500cps (= approx 1,500ppm, readings between 500-6,000cps)
- Inferred Resource in Q3-2007 (drill program from JULY till SEP)
- Potential for 10-21M/lb U3O8* and 6-11M/lb Mo (Moly at $32.25/lb)
* Futures U3O8: JAN 08 = $80 JULY 08 = $85; DEC 08 = $85
-$30m Cash in hand (and not in ABS I hope)
*Nothing in this presentation on S-Sudan's intrusive pegmatites
http://www.brinkley-mining.com/investors/presentations.php
Interview with Martin Kabwelulu
Yesterday's National-TV broad-casted a 15m interview with Minister Martin Kabwelulu which is available for download on the net.
(In French) By the way well-known Victor Kasongo is the deputy-minister
Four items in his interview, two of which we are interested in:
1. CORRUPTION WHITIN HIS ADMINISTRATION
- Lack of responsibility
- Administration should apply the Mining Code!
- Administration is supposed to work, not receiving bribes
- The very nasty habit of "Signing contracts with private companies and subsequently shredding these contracts within an hour", should end.
2. KATANGAN BORDERS TO BE BLOCKED AGAIN IN ONE MONTH'S TIME?
Mining sector is divided in two categories:
A-companies or the Treatment companies: from Mining to Concentrates
B-companies or the Transformation companies: from Mining or Concentrates to Metal
The message was that the A or Treatment companies were granted a last month for exporting concentrates;
warehouses with export material should be empty by then.
After that month - so from October onwards - Treatment companies are obliged to sell their concentrates to national Transformation companies.
Only Metals will be allowed for export. In a first phase this applies for copper and cobalt.
Later in time this will also apply for cassiterite and !diamonds.
----------------------------------------------------------------------------------------------------------------------------------------------------
Interview with Minister Kabwelulu from the 13min mark onwards:
And I have to say he makes a good impression; professional, dedicated.
http://www.africatime.com/rdc/
1. Select AfricaTV in the Multimédias section
2. Select Centrale (not Central) in Archives English news from....
3. Select Republique Dem. du Congo. Le journal télévisé de la RTNC from 24/08/5007 à 01h28 and click on play
Copper in the Sudan
Was doing some DD on Brinkley BRM.L
As you probably know they are also looking for pegmatite intrusion related U3O8 in S-Sudan
First thing appeared googling was a PDF from GRAS =
The Geological Research Authority of Sudan
Seems like they have some good Cu (+2%) occurrences awaiting mining companies, first drilling was done in 1922-25 (LOL)
U.N.D.P Geological Survey Depart. 1971-1973 with 18 holes for 2200m estimated 10Mt @ 2.7% Cu
Base metal mineralization in Sudan was known since ancient times, as evidenced by archaeological discoveries of base metal furnace slags.
In the 18th Century natives from Darfur region used to smelt copper from Hofrat en Nahas area. In clay furnaces.
Russegger in 1838 stated that the locals obtained the ore, which was found in a pure native state, from a vein 2 feet beneath surface.
Base metals have been reported from nearly 70 places in Sudan.
A great number of these occurrences are closely related to the greenstone belts.
A brief account is given hereafter (PDF) for a few of those occurrences that had received more attention.
#7 on the map, close to the Central African Republic, or 800km N of Moto Goldmines
So, if ever, there isn't only oil!
http://www.gras-sd.com/products/bro_basematel.pdf
Sag mal Makkaroni, läuft das Board? Soll ich mich registrieren?
Regards Vanbrussel
Amateurs, DRC is land of plenty
They should buy themselves the GF Consult CD-Rom on the DRC (2004)
An updated and upgraded inventory of mineral occurrences of the Democratic Republic of Congo with vectorized geological map layer for GIS browsing and query.
Mineral occurrences database:
The map shows over 800 mineral occurrences, representing over 1,100 mineral commodities, with hotlinks to to-the-point descriptions in MS Access format.
Each mineral occurrence is represented by an identification number referring to a data record. The data record display a number of valuable information such as :
- the name of the occurrence, the considered commodity (or commodities),
- the location (coordinates, square degree, region),
- the history of the discovery and/or development,
- the general geological setting,
- the mineral setting (mineralization style, grades, resources and/or size),
- the development status (stage of advancement and/or mining – production), and remarks and key references. The latter aim at allowing the reader to access additional and/or complementary information on the subject
Company lists:
Listing and description of the main companies involved in mining and exploration in Congo in pre- and early-independence times. This unique list will prove most useful when trying to retrieve former (historical) exploration and/or mining data, as technical files are frequently classified according to the former operator.
http://www.africamuseum.be/research/geology/general/research/geology/general/CDminerals_DRCongo.pdf
IVANPLATS & Kengere project (03/13/07)
Any information on this project?
Robert Friedland cemented his status as a legend in the metals and minerals sector in 1996 when he sold the Voisey's Bay nickel deposit to Inco Ltd. for $4.3-billion, pocketing a nifty $600-million in cash and stock for himself.
Then he defied the odds again last year, winning the backing of industry giant Rio Tinto PLC, which agreed to partner with his Ivanhoe Mines Ltd. in developing the massive Oyu Tolgoi copper and gold project in Mongolia.
Now the billionaire mining entrepreneur has zeroed in on Africa for his next big play -- a pair of deposits in the long-troubled Democratic Republic of the Congo, formerly Zaire.
Currently held in a private entity called Ivanhoe Nickel and Platinum Ltd. or "Ivanplats," Mr. Friedland is planning to take the company public some time this year.
"It's only a matter of time before we take this to the market to incentivize our people and try and do in the Congo what we did in Mongolia," Mr. Friedland said recently at a mining conference in Florida.
Ivanplats, which Mr. Friedland indicated has an implied market value of $600-million (U.S.), is planning a dual listing on the Toronto Stock Exchange and in London.
In a 30-minute presentation at a conference late last month, Mr. Friedland, 56, was his usual charismatic and mercurial self.
He highlighted the enormous difficulties inherent in operating in Congo, while at the same time extolling the richness of its deposits. He said some drill holes at the company's Kalongwe copper-cobalt project in the Katanga province showed ore containing about 8 per cent copper.
"That rock is worth more than Voisey's Bay rock," Mr. Friedland said, later adding that Congo has plenty of challenges, including lots of "kinky" and "nasty stuff," such as hepatitis, Ebola and ethnic conflict.
Ivanplats has claim to about 20,000 square kilometres of land in Congo, which has endured decades of ethnic strife and a five-year civil war that officially ended with a fragile truce in 2003. It has 15 geologists and 70 support staff in the country and, besides the copper and cobalt at Kalongwe, it also plans to develop the Kengere project, near the town of Kolwazi, which holds zinc, lead, silver and germanium. (Germanium is used to make LCD television screens.)
"We are the first people since the late 1950s to go into this area and drill holes. We sort of believe in the rubber knife theory. It may look really scary and it might really hurt you, but . . . you might as well give it a try," he said.
Mr. Friedland controls 50 per cent of the issued shares of Ivanplats. His control stake is approximately 36 per cent if special warrants held by others that will convert to shares are taken into account. Ivanplats has several institutional shareholders, including Canadian Imperial Bank of Commerce, as well as pension and mutual funds. In February, the company raised $80-million in a private stock offering.
"We went out to raise $30-million and didn't have a broker. We raised $80-million in one day from people who wanted to write us a cheque. They're all well-known institutions," Mr. Friedland said.
Investment banking sources expect an initial public offering of Ivanplats shares later this year, once the company carries out more drilling work, expected in May.
Mr. Friedland's copper-cobalt project is roughly 10 kilometres north of Tenke Fungurme, a joint venture between Arizona copper giant Phelps Dodge Corp., Congo's state mining company Gécamines, and Tenke Mining Corp. of Vancouver.
Construction of the Tenke mine has started and copper production is expected by the end of 2008.
Tenke Mining chief executive officer Paul Conibear, estimates that between $1.5-billion (Canadian) and $2-billion in capital has been raised in the past two years by companies operating or developing projects in Congo such as Anvil Mining, Katanga Mining and First Quantum.
Mr. Conibear described Mr. Friedland's activities in Congo as early stage. "It's fairly easy to hit high grades, perseverance is needed in finding the tonnes," he said, adding that "Mother Nature has chopped it up a lot."
Mr. Friedland doesn't expect to begin mining copper in Congo until at least 2016, and is counting on the government of China to complete a railway near the project. China's surging economy has driven the current boom in metal prices and Mr. Friedland said "the Chinese government's hand-to-wallet reflex" should be stimulated by the metal riches in the region.
"It's pretty exciting stuff, but it has to be, in order to justify going to this place," Mr. Friedland said. "It's adventure capitalism."
ANDY HOFFMAN, MINING REPORTER, Toronto Globe and Mail,
Brinkley Broker Note (07/12/07)
There is a recent research rapport on Brinkley at Minesite
(my previous post gives the impression Swambo and Samboa are the same, as a matter of fact Mindigi lies only km W of Swambo, Samboa is associated with Kasompi in the report
...We have raised our target price to 40p following news that Brinkley Mining has signed a framework agreement with the DRC government that significantly advances the previous memorandum of understanding (MoU). The agreement provides Brinkley with a 75% effective interest in the country’s uranium projects via a joint venture, with the remaining 25% held by the DRC’s Atomic Energy Agency (CGEA) and the state. On a conservative estimate, the DRC resources are worth at least £51m to Brinkley, though this is just the tip of the iceberg in such an under-explored and uranium-rich region.
This framework opens access to >11mlb of known historical uranium resources in a prospective region that has been significantly under-explored. This quantity is just a starting
point as it is likely that any resource identified through further exploration could be 10x this estimate. Taking a value of $12/lb of uranium oxide (Areva paid $18/lb for UraMin), the resources are worth at least £51m to Brinkley Mining, providing a new target price of 40p (from 35p), representing c.60% upside potential. However, further evaluation of this agreement and of the resources in the DRC could provide the opportunity to increase this target price further.
http://www.minesite.com/fileadmin/content/pdfs/Brokers_Reports_5/BrinkleyMining120707.pdf
Brinkley claimed the whole vein,
from Shinkolobwe to Kalongwe (250km)
Brinkley's 5 priority targets are Shinkolobwe, Mindigi, Samboa(Swambo), Kalongwe and Kasompi.
...The second type of deposit in southern Katanga is vein-like in character, but is genetically related to the stratiform deposits of the Katanga Crescent. The SHINKOLOBWE-KASOLO vein-like deposit is located at the far eastern end of a long anticlinical zone extending to KALONGWE on the west, and on through SWAMBO, MINDIGI and KASOMPI along the Monwezi fault. This zone is characterized by cuprocobaltiferous deposits that are richer in nickel, and are often also uraniferous.
The Shinkolobwe-Kasolo deposit is genetically related to the stratiform cuprocobaltiferous deposits in the Katanga Crescent, but the intense local tectonics, accompanied by a later remobilization of sulfide minerals and uranium oxides, have given the deposit a typical veined appearance. This characteristic is clearly seen in the geometry of the mineralized body, and in the mineralization itself. The mine was basically exploited for uranium, associated with high grades of cobalt and nickel; copper is not very abundant. It should be remembered that uranium is not unusual in the Cu-Co deposits in the Katanga Crescent (Gauthier et al., 1989). However, although it is generally only a minor byproduct of copper production from the stratiform deposits (with no economic interest, the grade and the quantity being too low), it was the main mineralization in the vein-like deposit of Shinkolobwe, with high levels of cobalt and nickel. The mineralization at Shinkolobwe also contains selenium, as does that of the Musonoi-Extension uranium deposit in the Kolwezi Klippe.
Before taking up the copper sulfide minerals at Shinkolobwe, it is worthwhile to devote a few lines to the history of this great deposit. Shinkolobwe is the name of a small river that has its source at the base of a high hill. The summit of the hill was chosen as a geodesic signal point during the triangulation of South Katanga by the "Comite Special du Katanga" (the C.S.K.), the state landlord of the Katanga Crescent. This hill was identified as Shinkolobwe-Signal for reference purposes. It was a protruding outcrop in the eroded area of a Cu-Co deposit, about 3 km east of the native village of Kasolo. In 1915, Major Sharp, one of the U.M.H.K. prospectors, noticed at Kasolo an almost vertical cliff several meters high. It was a steep outcropping of hard, cellular siliceous rock (the RSC Formation, well-known throughout the Katanga Crescent) considerably more resistant to erosion than the surrounding sedimentary beds. The RSC Formation is the great reference mark for finding the stratiform orebodies: at depth, it is the barren massive dolomite separating the two orebodies in the alteration zone, this formation is completely silicified and full of cavities, showing frequently the remnants of the Roan Collenias fossils (stromatoporidae-like algal formations). The big Collenias colonies are the only visible fossils in the formation.
From Cobalt minerals of the Katanga Crescent, Congo
Mineralogical Record, Jul/Aug 1999 by Gauthier, Gilbert, Deliens, Michel
http://findarticles.com/p/articles/mi_qa3672/is_199907/ai_n8865917/pg_5
Brinkley is going to amaze us, although a bit expensive
The Katangan U-deposits are going to generate more than U3O8
Googling for "Kasompi" I found a chart on Google Maps
Apparently from a Belgian geologist (13/11/05)
It places a list of (old) mines, many (+20) I've never heard of before
Stay alert for every NR related to Katanga!
http://bbs.keyhole.com/ubb/showthreaded.php?Number=196310
Kasompi: another deposit of rare-earths minerals such as schuilingite-(Nd) and gyisinite-(Nd). We also find arborescent pale-green lodes of glaukosphaerite. (Nd = US$30kg)
Copperbelt Minerals Ltd: Ecaille C (TSX:KAT) is ours!
Dispute Over Katanga Mining Cadastre
A dispute over the ownership of a mining license lies at the center of talks between Gecamines (GCM) and Katanga Mining Ltd., a firm operated in joint-venture between GCM and Kinross Forrest Ltd and which is rehabilitating the Kamoto copper-cobalt project.
According to our sources, a plot of land on the mining site operated by Katanga Mining is being claimed by a junior, Copperbelt Minerals Ltd.
Following talks on the awarding of concessions between Katanga Mining and GCM, clauses in the contract reportedly contained errors, with the result that when the deeds were registered with the Cadastre the latter validated a concession that included Copperbelt’s license. For its part, the junior signed an agreement with GCM and realized there was a problem only when registering the accord with the Cadastre. It is now demanding its rights.
Copperbelt owns two concessions in the area, Deziwa and Ecaille C. The latter, located immediately south-west of Katanga’s Dikuluwe-Dima mine, is reportedly the object of the dispute. Ecaille C has never been drilled but it is reputed to house extensions of Dikuluwe. Trenching work conducted in the 1960s at Deziwa (which lies 40 km to the east of Kolwezi) identified a 25 meter-wide mineralization @ 2.64 Cu and 1.43% Co. The Australian equity fund African Lion 2, which belongs to the AuSelect Ltd. group, has acquired a stake in Copperbelt.
The junior, which is also active in Zambia, could seek a stock marketing listing if its exploration work in DRC proves positive.
© Copyright 1982-2007 Indigo Publications. Reproduction prohibited (photocopy, Intranet, web, etc.) without written permission.
http://www.africaintelligence.com/
First Quantum looking for more copper in Zambia and the DRC
Small scale mines the pointer
Canadian copper miner First Quantum has opened up a new programme to explore for copper in Zambia's Central Province as well as in the DRC.
Author: Ronald Mwila (05/15/07)
True to its commitment to build profitable new mines in Zambia, Toronto and AIM-listed First Quantum Minerals (FQM), trading as First Quantum Mining and Operations has started exploring for copper in the country's Central Province.
Ndola-based technical manager Scott Andries told the media that the company is undertaking exploration works around Kashimi in Mkushi, which hosts historically worked small-scale mines and also AIM-listed African Eagle Resources' Mkushi Copper Mines joint venture with Central Asia Gold which is soon to enter production. First Quantum has also started exploration around the DRC's mineral-rich Katanga Province's pedicle stretch, which separates the Zambian copperbelt from the Northern lying Luapula Province, Andries said, adding that results from the two exercises would determine the future of plans to build another plant at Ndola.
Ndola currently hosts a plant that processes output from First Quantum's Bwana Mkubwa (Zambia) and Lonshi (DRC) operations.
On Monday, FQM reported a group operating profit of US $145.8 million, despite the Bwana/Lonshi operation posting US $9.6 million loss. Reserves at Lonshi are anticipated to be depleted by mid next year.
http://www.mineweb.com/mineweb/view/mineweb/en/page36?oid=20974&sn=Detail
TEAL INITIATES ITS FIRST COPPER PRODUCTION IN THE DRC
Copper mining commences at Kalumines
Other highlights:
'Bridge’ debt funding of US$20 million, guaranteed by ARM, being finalized
Konkola North feasibility remains ahead of schedule
Konkola North copper resources confirmed and upgraded
Pre-feasibility study initiated at the Otjikoto Gold Project
Additional exploration drilling results
Mwambashi completes metallurgical testing with processing partner
Democratic Republic of Congo – Copper-Cobalt Project
Kalumines Copper-Cobalt Project – TEAL 60%
Situated in the DRC in proximity to the city of Lubumbashi, Kalumines, a joint venture with La Générale des Carrières et des Mines (“Gécamines”), hosts four near surface areas of copper mineralization, namely Lupoto, Kasonta, Karavia and Niamumenda. TEAL has an existing mining licence over the Kalumines property.
TEAL had previously identified a resource with historical estimates (in terms of National Instrument 43-101) of 6.7 million tonnes grading 3.13% copper at the Lupoto prospect and 1.5 million tonnes grading 5.18% copper at the Kasonta prospect, which is located one kilometre east of Lupoto. TEAL believes that these historical estimates indicate the potential for open-pittable copper and cobalt mineralization within the collectively termed, Kalumines Copper-Cobalt Project, and that the previously captured data supports a classification of the historical mineral resource estimates as inferred.
An initial scoping study on the Lupoto historical resource has been completed and infill and confirmatory exploration drilling to verify the historical resource, which will be required prior to a feasibility study for a large mining operation being concluded, is now underway. The first phase of drilling to verify the historical resource has been completed, which included 10 diamond core drill holes over a total of 1,018 metres, and a second phase is underway: over the last quarter, 1,467 metres of reverse circulation (“RC”) drilling was conducted and assay results are now being awaited.
TEAL management believes that the historical inferred resource is open-ended and expansion drilling is also being undertaken with the aim of increasing the resource.
TEAL had previously stated that some ore can be mined over the short-term, which will be used to feed TEAL’s furnace that will be operational in Lubumbashi by mid-2007.
Surface mining, being done by a contractor, has now commenced with full production expected to be achieved during July 2007.
The initial mine at Lupoto is expected to operate at a rate of 70,000 m3 per month and is expected to produce nearly 20,000 tonnes of greater than 25% copper in concentrate, containing at least 5,000 tonnes of copper per year. The concentrate will be produced through selective mining and upgraded by hand-sorting. The Company intends to sell the concentrate to existing smelter operators in the DRC and later to feed TEAL’s own electric arc furnace. This furnace has a capacity to produce approximately 5,000 tonnes per annum of ‘black copper’ ingots grading 85% to 95% copper.
While Lupoto’s resource remains an historical inferred resource, TEAL is targeting a portion of this resource that has already been drilled that totals 560 000 tonnes, which is now being mined.
Capital expenditure to commission the mine is $2 million. The furnace, which is structured within a new company called TEAL Metals (DRC) s.p.r.l., will cost $6 million. Both mine and furnace are being funded using TEAL’s existing cash resources and from the $20 million ‘bridge’ loan facility being concluded with a commercial bank. A social program has also been implemented that includes the provision of medical services and facilities to the greater community around the Kalumines property.
An assessment study on a larger mine has also been completed and it now remains essential to conclude the verification and in-fill resource drilling. This, together with metallurgical test-work, will enable TEAL to conclude the feasibility study for a larger open-pit mining operation and processing plant.
visit www.tealmining.com
THE 31 GECAMINES CONTRACTS
1.Contrat de création de société entre la Gecamines et EXACO Sprl pour l’exploitation des gisements de Kalumbwe et Nyunga (Juillet 2001). = EXACO (DRC)
2.Convention de joint-venture entre la Gecamines et KINROSS-FOREST Ltd relatif à l’exploitation de la filière KAMOTO/mines - DIMA-KAMOTO/constructeur – Usines Hydrométallurgiques de Luilu (Février 2004). = KATANGA MINING LTD (TSX :KAT)
3.Contrat de création de société entre la Gecamines et les entreprises Swanepoël pour l’exploitation du gisement de CHABARA (Novembre 2005). = NEW SWANEPOEL (RSA)
4.Contact de création de société entre la Gecamines et SALREF CONGO pour l’exploitation du gisement de Mutanda ya Mukonkota (mai 2001) = SALREF CONGO (DRC)
5.Convention de joint-venture entre la Gecamines et Global Entreprises Corporate Ltd relative à l’exploitation de la mine à ciel ouvert de KOV et des gisements de Kananga et de Tilwezembe (sept 2004) = NIKANOR (AIM :NKR)
6.Contrat de création de sté entre la Gecamines et la société Western Mining relatif à la prospection et à l’exploitation des gisements de Kasombo (nov 2005). = WESTERN MINING CORP HOLDINGS LTD (BHP-BILLITON ASX:BHP)
7.Convention d’actionnaires amendée et reformulée entre la Gecamines et Lundin Holdings Ltd, CHUI Ltd, FARU Ltd, MBOKO Ltd, MOFIA Ltd, TEMSO Ltd (sept 2005). = LUNDIN MINING (TSX:LUN) TENKE MINING (TSX :TNK) PHELPS DODGE (NYSE:PD)
8.Contrat de création de la société entre la Gecamines et AVCO Sprl relatif à la mise valeur du polygone de Kasonta-Lupoto (oct. 2002). = TEAL EXPLORATION AND MINING INC (TSX:TL)
9.Contrat de création entre la Gecamines et CHINA NATIONAL OVERSEAS ENGINEERING CORPORATION relatif à l’exploitation du gisement de MUSONÏE GLOBAL (Nov. 2005). = COVEC (CHINA)
10.Contrat de création de société entre la Gecamines et l’Entreprise H&J Swanepoël Famille Trust pour l’exploitation des gisements de Kalukundi (Fév. 2001). = AFRICO RESOURCES LTD (TSX :ARL) & AKAM MINING Sprl (DRC)
11.Contrat de création de société entre la Gecamines et EAST CHINA CAPITAL HOLDINGS Ltd relatif à la prospection et à l’exploitation du gisement de Sh*turu (Juillet 2005). = INTERNATIONAL BARYTEX RESOURCES LTD (TSX:IBX)
12.Contrat de création de société entre la Gecamines et CONGO MINERALS pour l’exploitation du gisement de l’Etoile (Sept 2000). = COMIN (DRC) :SEE = CHEMAF & SEK = TIGER RESOURCES (ASX :TSG)
13.Contrat de création de Ruashi Mining entre la Gecamines et Cobalt Metals Company Limited pour la valorisation des gisements de Ruashi (Juin 2000). = METOREX (JBE :MTX)
14.Contrat d’association portant sur un projet d’industrie minière, Rejets de Kingamiambo, Valée de la Musonoï et Kasobantu entre la RDC, la Gecamines et Congo Mineral Development Ltd. = FIRST QUANTUM MINERALS LTD (TSX :FM AIM :FQM) ADASTRA PROJECT
15.Accord de Joint-venture entre OMG B.V., la S.A Groupe Georges Forrest et la Gecamines. = OM-GROUP INC (NYSE-OMG) & GROUPE GEORGES FORREST (DRC)
16.Contrat de création de société entre la Gecamines et l’Entreprise Général Malta Forrest dans le cadre du développement de certains gisements. = EGMF: GROUPE GEORGES FORREST (DRC)
17.Contrat de création de société entre la Gecamines et LEREXCOM Sprl relatif à la prospection et à l’exploitation du polygone de Tondo (Nov. 2005) = GROUPE LEDYA (DRC)
18.Accord de création d’une entreprise commune entre la Gecamines et MELKIOR RESOURCES INC pour l’exploitation des gisements de Kabolela et de Kipese dans la zone Centre –Est (Nov. 1999). = COFIPARINTER (DRC) : IN COURT WITH MELKIOR (TSX :MKR) & TIGER (ASX:TGS)
19.Contrats de création de société entre la Gecamines et l’Entreprise Minière de Kolwezi pour le traitement des rejets de Mutoshi (Janvier 2001). = ANVIL MINGING LTD ( ASX:AVM TSX:AVM)
20.Contrat entre la RDC, la Gecamines et Congo Investisment Corporation, pour la création de la Congolaise des Mines et de Développement (Fév. 2002). = FEZA MINING (DRC) & WAMBAO RESOURCES CORPORATION (China)
21.Agreement for the Formation of a Joint venture company between la Gecamines and TERMALT Ltd. = TREMALT : JOHN BREDENKAMP
22.Contrat d’association entre la Gecamines et United Resources AG (fév. 2007). = UNITED RESOURCES (CH)
23.Acte constitutif de la société congolaise pour le Traitement du Terril de Lubumbashi,STL Sprl (Sept 1999) entre GTL, GECAMINES, Groupe GEORGE FORREST et OMG KOKKOLA. = GROUPE GEORGES FORREST (DRC) & OM-GROUP (NYSE-OMG)
24.Statuts de Boss Mining Sprl créée entre Gecamines et SHAFORD CAPITAL Ltd (Janvier 2005). = CAMEC (AIM :CFM)
25.Statuts de la société MUKONDO MINING Sprl entre Sté KABABANKOLA MINING COMPAGNY KMC et BOSS MINING (Fév. 2004). = NIKANOR (AIM :NKR) & CAMEC (AIM :CFM)
26.Contrats de création de société entre la Gecamines et les Entrepises Swanepoël pour le traitement des rejets du basin de l’usine à zinc de Kolwezi (Nov. 2005). = SWANEPOEL (RSA)
27. Contrat de création de société entre la Gecamines et CHINA NATIONAL OVERSEAS ENGINEERING CORPORATION relatif à l’exploitation du bien (Mars 2006). = COVEC (CHINA)
28.Acte constitutif entre la Gecamines, la société George Forrest International Afrique Sprl et la Société Nationale des Chemins de fer du Congo, SNCC. = GROUPE GEORGES FORREST (DRC)
29.Avenant au protocole d’Accord intervenu le 1er décembre 1979 entre la Gecamines et EGECIM relatif à CIMSHABA. NB : Contrats non transmis à ce jour. = EGECIM (BE)
30. SOFIDE, Société Financière de Développement (contrat non disponible).
31. PZCE (Prospection de la Zone Centre Est).
Cambridge Mineral Resources PLC revaluation in Q2?
From Equity Growth dated 04/5/07
1. Quintana feasibility by end april
2. Mina del Sol (world class?) drill results by end may
3. Revaluation from £2.6/oz to £5-£10/oz possible
Cambridge Mineral Resources (CMR), the South American focused gold exploration company, has recently announced some very positive drilling results relating to its Quintana project in the Colombian department of Antioquia. Specifically, Quintana is located about 130 kms northeast of Medellin in the heart of the Antioquian Gold Belt.
At Quintana a mesothermal quartz-sulphide vein averaging 1 to 1.6m thick is currently mined on an artisanal basis. In late 2006 CMR embarked on a 2000m 10-hole diamond drilling programme to test the continuity of the vein at depth. Drilling results suggest high-grade intersects including 2.5m at 46.44g/t Au and 1.75m at 55.39g/t Au. The intersects appear below the presently known reserves and therefore point to an enhanced resource base.
Quintana is CMR’s most advanced development project in Colombia. The plan is to move along the vein developing blocks of 50,000 tonnes of ore prior to extraction. A feasibility study for the development of Quintana has been prepared by CMR and is awaiting independent verification. We believe sign-off should be received by end April. The feasibility study will be used to obtain project finance for the development of the Quintana mine and the construction of a mill. Depending on the availability of finance, production could commence by late in the third quarter of 2007. Initially, mine production is expected to be 50-100 tonnes of ore per day but over the next two to three years should increase to at least 200 tonnes. If Quintana commences operations as expected, gold production of a few thousand ounces in Colombia is possible in 2007.
Post Quintana drilling operations are expected to be focused on Mina del Sol located about 70 kms northeast of Medellin. Again, Mina del Sol currently operates as an artisanal mine but between 1994 and 2000 was appraised by the Canadian Company, Corona Goldfields. Reflecting high grades and apparently wide veins, Mina del Sol could be a world class discovery. Results from diamond drilling programme at Mina del Sol could be made known by end May.
CMR has languished since end 2006 at just over 3p/share, only modestly above the all-time low of 2.50p/share plumbed in October 2006. We believe CMR has continued to suffer from perceived risks surrounding its aggressive expansion programme and the related very large increase in the financing requirement. Once the Quintana bankable feasibility study has been signed-off and the formal go ahead given for mine development, however, sentiment could rebound sharply. The valuation basis is a decidedly marginal £2.6/oz based on an estimated resource base of 2.5m ozs and the current market capitalisation of £6.6m. If the mine development programme in Colombia gathers momentum as expected in the coming months a valuation of £5/oz to £10/oz would not be onreasonable.
http://www.proactiveinvestors.co.uk/registered/research/equitygrowth/NEWSLETTER_05_April_07.pdf
*Corona Goldfields = Conquistador Mines Ltd = Orsa Ventures Corp
however Orsa is exploring China nowadays
Cambridge Minerals Plc London AIM:CMR
http://www.cambmin.co.uk/
MarketCap £6.53m
100.000oz by 2010
Mina del Sol = El Rayo (46mx250m)
Trench #200 = 11m@12g/t width
Trench #201 = 30m@9.30g/t
102-105.1 = 11m@7.14g/t
http://www.cambmin.co.uk/?page=el_rayo_overview
Katanga Copper/Cobalt grades
Kamoto Copper Company (Kamoto UG, T17, Mashamba East &West and Dikuluwe )
R&R 162Mt 3.50%Cu(=0.64%Ni) 0.38%Co for 5,1Mt Cu 513Kt Co
Katanga Mining Ltd TSX:KAT
http://www.katangamining.com/
DRC Copper Project ( Tilwezembe - Kananga - KOV = Kamoto, Oliviera, Virgule, FNSR)
Tilwezembe 5,7Mt 1.5%Cu(=0.27%Ni) 1,0%Co
Kananga 6,9Mt 2.1%Cu(=0.38%Ni) 1.3%Co
KOV = 172Mt 5.1%Cu(=0.93%Ni) 0.5% Co for 9Mt Cu 800Kt Co
Nikanor Plc AIM:NKR
http://www.nikanor.co.uk/
Kingamiambo Musonoï Tailings Sarl (Adastra)
112,8Mt 1.49%Cu(=0.27%Ni) 0.32%Co
First Quantum Minerals Ltd TSX:FM AIM:FQM
http://www.first-quantum.com/s/Home.asp
Musonoi East & Extentions Cu/Co (Part of PE525)
Musonoi has the potential to be as big as Ruashi 20Mt
Metorex Ltd JSE:MTX
http://www.metorexgroup.com/home/index.html
La Société de Traitements des Rejets de Mutoshi Sprl (Kulu Tailings)
Coarse Tailings M&I 4.3Mt 4,4%Cu for 192Kt Cu and Inf 286Kt 6.5%Cu for 18Kt Cu
Fine Tailings 4,9Mt 0.89%Cu for 44Kt Cu
Anvil Mining Ltd ASX:AVM TSX:AVM
http://www.anvil.com.au/index.shtml
La Société d’Exploitation des Gisements de Kalukundi SPRL
27Mt 2,5%Co(=0.45%Ni) 0,7%Co
Africo Resources Ltd TSX:ARL
http://www.africoresources.com/
Tenke Fungurume Mining (Goma, Fwalu and Kwatebala)
M&I 235Mt 3.01%Cu(=0.55%Ni) 0.31%Co Inferred 264Mt 2.6%Cu(=0.47%Ni) 0.19%Co
Tenke Mining Corp TSX:TNK
http://www.tenke.com/s/Home.asp
Phelps Dodge Corp NYSE:PD
http://www.phelpsdodge.com/
Boss Mining Sprl (PE467 & PE469 C19 = Disele South, Kakanda North & South C21 = Manda)
70Mt 3%Cu(=0.55%Ni) 0.73%Co
Central African Mining & Exploration Co AIM:CFM
http://www.camec-plc.com/
Rejets de Kakanda et Kambove
Tailings Indicated 18,4Mt 1,22%Cu(=0.22%Ni) 0,15%Co
Hard Rock 11,3Mt 3,25%Cu(=0.59%Ni) 0,2%Co
Simberi Mining Corp TSX:SAU
http://www.simberimining.com/
La Société Minière de Kabolela et de Kipese Sprl
Kabolela: 3,7Mt 3.8%Cu(=0.69%Ni) 0.7%Co & Tailings 440Kt 1.1%Cu(=0.20%Ni) 0.6% Co
Tiger Resources Ltd ASX:TGS
http://www.tigerresources.de/public/start.asp?sid=2&lid=2
Shituru Mining Corporation
Target = 10Mt 4% Cu (750m x 150m x 12m+25m)
International Barytex Resources Ltd TSX:IBX
http://www.barytex.com/
Compagnie Minière de Luishia
50Mt 2.1%Cu(=0.38%Ni) 0.1%Co
China National Overseas Engineering 0
http://www.covec.com/en
Anvil & Mining Company of Katanga (Kinsevere - Tshifufia - Tshifufiamashi)
20,9Mt 3,4%Cu
Anvil Mining Ltd ASX:AVM TSX:AVM
http://www.anvil.com.au/index.shtml
Sokoroshe 1 (PE523) , Sokoroshe 2 (PE538) & Kileba
Target 10Mt 3%Cu
Metorex Ltd JSE:MTX
http://www.metorexgroup.com/home/index.html
Compagnie Minière du Sud Katanga (Luiswishi I ,II,III & Est - Kipushi)
Luiswishi I 2.69%Cu(=0.49%Ni) 0.88%Co
Luiswishi Tailings 1.5%Cu(=0.27%Ni) 1.00%Co
Georges Forrest International s.a.
http://www.forrestgroup.com/
Kasonto-Lupoto Mines Sprl
Kasonto 6,7Mt 3,13%Cu
Lupoto 1,5Mt 5,18%Cu
TEAL Exploration and Mining Inc TSX:TL
http://www.tealmining.com/
Ruashi Mining Sprl PE578 (Ruashi & Etoile Stockpiles and Ruashi Orebodies)
Ruashi & Etoile Stockpiles 3,2Mt 1,86%Cu(=0.34%Ni) 0,20%Co
Ruashi I 3Mt 2%Cu(=0.36%Ni) 0.7%Co
Ruashi II 24Mt +3%Cu(=0.55%Ni) 0.7%Co
Metorex Ltd JSE:MTX
http://www.metorexgroup.com/home/index.html
Kipushi zinc (Disputed)
16,9Mt 16.7%Zn 2.3%Cu for 2,8Mt Zn and 393Kt Cu
Gecamines + United Resources AG
First Quantum Minerals Ltd TSX:FM AIM:FQM
http://www.first-quantum.com/s/Home.asp
Exxaro JSE:EXX
http://www.exxaro.com/content/main/home.asp
La Minière de Musoshi et Kinsenda SARL (Kinsenda, Musoshi and Lubembe)
Musoshi: Reserves 24Mt 2.4% Cu for 580Kt Cu
Kinsenda: Reserves 17,1Mt 5.1% Cu for 886Kt Cu
Lubembe: Resource 45,5Mt 2.2% Cu for 1Mt 2.2% Cu
Copper Resources Corp AIM:CRC
http://www.copperresources.com/index.html
Frontier (Lufua) Project
182Mt 1.16%Cu
First Quantum Minerals Ltd TSX:FM AIM:FQM
http://www.first-quantum.com/s/Home.asp
Lonshi (Bwana/Lonshi Project)
1,8Mt 7.2%Cu
First Quantum Minerals Ltd TSX:FM AIM:FQM
http://www.first-quantum.com/s/Home.asp
Sakania Project (PR2133, 2138, 2199 and 2508)
Best result: 7.56g/t Au, 0.26% Cu, 0.39% Co and 3.04g/t Pd
Tiger Resources Ltd ASX:TGS
http://www.tigerresources.de/public/start.asp?sid=2&lid=2
Dikulushi
M&I 1,060Kt 8.3%Cu 224gr/tAg for 88Kt Cu and 7,640,000oz Ag
Inferred 1,308Kt 5.8%Cu 141gr/t Ag for 81Kt Cu and 6,260,000oz Ag
Anvil Mining Ltd ASX:AVM TSX:AVM
http://www.anvilmining.com/documents/070209DikulushiMine_DavidNewton.pdf
Nickel Sector Report by FoxDavies 02/26
This document gives an overview of the global nickel industry covering basic geology, exploration, mining, processing, together with a review of supply/demand trends.
The Company section focuses on nineteen junior to mid-cap nickel companies covering a broad spectrum of type, status and location.
http://www.proactiveinvestors.com/registered/research/foxdavies/FDC-Nickel-Sector-Report-26Feb2007.p...
From Manitoba to Zimbabwe [miningmx.com]
David McKay Posted: Tue, 06 Mar 2007
Research from the Fraser Institute confirms the reports of those who have spent time tapping rocks in the Democratic Republic of Congo(DRC) that the central African country is the world’s best mining locale, assuming it had no problems. Unfortunately, that’s one of the largest caveats in the history of risk assessment.
Based on the institute’s findings in its 2006/2007 report on mining attractiveness, the DRC ranks 57 out of 65 in terms of policy potential index (PPI). In essence, the PPI is a composite measuring a host of metrics including political stability and bureaucratic consistency. Zimbabwe ranks last, again.
The DRC’s ranking has improved year-on-year, however.
In the 2005/2006 version of the report, the Fraser Institute said the DRC was the third least attractive mining destination. Zimbabwe has been last since the 2004/2005 report, and in 2005/2006 it had the ignominy of reporting the lowest ever points since the survey began in 1997. It couldn’t get worse for Zimbabwe, but it seems to be getting better for the DRC. Assuming the country’s newly elected government stays intact, the DRC should produce improved scores in next years’s report by the institute.
That’s a big ‘if’, however. According to the report, most of the African countries polled are getting lower rankings year-on-year. Botswana, Burkina Faso, Ghana, Mali, South Africa, and Tanzania have become less attractive to mining companies year-on-year.
Only Zambia fares better but one wonders how long this will stay in place. Zambia’s government said royalties on mineral sales would be unilaterally increased to 3% from 0.6% regardless of whether a stabilisation agreement had been signed with the investor.
What’s most interesting about the Fraser Institute’s report is that were, hypothetically speaking, the DRC to impose ‘best practices’, and assuming there were no land use restrictions, it’s policy and mineral potential would only encourage investment. Other African countries ranked on this metric, such as South Africa, show scores that are either neutral or encouraging of investment.
And to underline the massive potential that exists in the DRC, it’s interesting to note the Fraser Institute provides a ‘room for improvement’ metric. On this scale, the DRC has the fourth biggest scope of improvement behind (in order of ranking) Russia, Mongolia and Bolivia.
http://www.miningmx.com/mining_fin/656092.htm
DRC starts on rocky road to recovery [miningmx.com]
David McKay
Posted: Tue, 06 Mar 2007
KENNETH Macleod is the vice president of a mining contracting firm that moved into the Democratic Republic of Congo (DRC) nine years ago. That was in 1999, a year into the civil war that has been dubbed Africa’s World War owing to the scale of devastation.
Now, however, Macleod’s company – MCK (Mining Company of Katanga) – is one of the largest contractors in the DRC’s southernmost Katanga province expected to attract $50bn (R354bn) in various investments over the next few years.
There’s something to be said for first mover advantage. One wonders whether Greg Hunter, CEO of Central African Gold, will have similar bravery rewarded. Speaking at the announcement of a $6.2m (R44m) investment in two Zimbabwean gold mines last week, Hunter said:
“A year ago, the DRC was not the flavour of the month for anybody. Right now anything that smells of the DRC is seen as very attractive. We saw the same thing happen in Mali and Tanzania. We’re pretty convinced that over time, as Zimbabwe comes right, it will be the same situation.”
It’s true, ‘the situation’ in the DRC is attractive, but complicated too. Politically, the country is only just simmering down. The three government-owned mining companies – Gecamines (base metals), Miba (diamonds) and Okimo (gold) welcome foreign investment, but they’re tetchy about it too. Companies that don’t show the requisite appetite for rapid investment will be penalised. And the days of picking up assets cheaply appear to be over: the DRC government knows there’s a commodity bull run underway, and wants a slice of the action.
There’s more exposure to the DRC on the JSE than perhaps most investors would at a glance expect. TEAL Exploration & Mining, Metorex, BHP Billiton, Mvelaphanda Resources, AngloGold Ashanti and Anglo American (through De Beers) all have exposure to the mining and resources potential in the DRC. And there are a host of others such as Nikanor and Uramin, which have offices in Illovo and Sandton respectively, seeking out prospects there. Bateman Holdings, another South African company listed overseas, supplies mining services into some of these projects; SRK does the due diligence studies into the estimated reserves and value of mineral resources. Exxaro Resources is hoping to be involved in the DRC if it wins its fight (with the DRC government) to develop the Kipushi zinc mine in joint venture with First Quantum Minerals.
But the challenges of investment in the DRC are simply enormous. Larry Treadgold, the chief metallurgist for Nikanor, the AIM-listed firm, says that setting foot on the Kolwezi mine, which constitutes the majority of Nikanor’s R9.4bn ($1.3bn) investment in the DRC, was a major eye-opener. “Getting to the Tilwezembe mine (an operation Nikanor has recently opened) could take more than an hour. The roads were completely impassable. Now it takes 25 minutes.”
Anything that smells of the DRC is attractiveTrying to fit a description of just how degraded the mining assets of the DRC have become is a difficult matter. Rust and dilapidation are everywhere. Nikanor’s main mine, known as KOV, is a vast, existing open pit completely flooded. Eight pumps are currently sending 12,000 cu m and hour out of the mine. Heavy rains are hampering the task.
On the nearby Kananga mine, a gigantic mobile conveyor, manufactured by Krupp, sits immobile on its tractor. It operated for a mere three months before being shut down in 2000 after funds earned by the mine were diverted into the civil war.
The DRC’s Katanga province, where Metorex is developing its Ruashi mine, produced nearly a third of the world’s copper during the Eighties. There’s hope it can do so again: the base metals market is encouraging more production, there’s investment interest, but the paucity of good infrastructure is one of the first hurdles. Some companies, such as Nikanor, think they’re making progress.
Says Treadgold: “Six months ago, I’d say infrastructure was a major problem. We don’t tend to think that now because we’ve got a memorandum of understanding with the government for power and refurbishment.”
In the Katanga province, government is represented by Moise Katumbi, the province’s somewhat dapper governor.
Speaking in one of the enormous receptions of his private residence, just a 10 minute drive from the mines in Kolwezi, Katumbi says corruption remains a problem, as does poverty. “I live in my mansion house and yet 500 metres behind me people are living in poverty,” he says, unabashed.
The Katanga province is home to 10 million people. Crime is relatively low but there’s a crying need for development which Katumbi hopes can be tackled by growing tourism and agribusiness. “We believe tourism can take off. We’ve got good soil. It’s not just the mines.” He says South African food groups, Shoprite and/or Pick ‘ Pay are being given land for development in the area, a claim later denied by the companies.
Katumbi wants the mines to provide the momentum, however – and quickly. First Quantum Minerals Minerals, which has the rights to the Kolwezi tailings project, has six to 12 months to develop the prospect, says Katumbi. It’s not quite spelled out what will happen if the Canadians fell to meet that ultimatum.
But Katumbi has already clashed with First Quantum. He labels them ‘criminal’ for failing to develop the Kipushi zinc mine timeously, despite numerous calls to action from Gecamines.
On a more conciliatory note, Katumbi is promising investors that corporate taxes and royalties will be kept stable as enshrined in the mining code. This includes a 2% royalty on base metal sales, 30% corporate tax and small surface fees. The mining code, written in 2002, provides for a 10-year stability agreement.
Meanwhile, there are also plans to control artisanal mining and halt illegal exports of malachite and heterogenite, the ore that hosts copper and cobalt respectively. One mine employee says, however, artisanal mining continues uninterrupted. They sell the rock to Lebanese in the area and “Gecamines doesn’t give a damn,” says one. Driving to Nikanor’s KOV mine, there’s a group of 20 to 30 artisanal miners openly fishing a open pools of water for heterogenite. There are 150 on site but much less than the thousands at work on other mines.
The role of Gecamines in the recovery of the DRC’s base metals industry is obviously crucial. Again, stability is shown to be fragile as Paul Fortin, CEO of Gecamines, is first suspended and then reinstated after Gecamines staff stage a walk out. In an interview with Miningmx in February, Fortin said he hoped corruption at Gecamines was being tackled, but it was difficult to prove. Says Katumbi: “There is a mining code. Everything we give to investors we’re going to respect. The international community needs to know we will fight against corruption.”
http://www.miningmx.com/mining_fin/652687.htm
Katanga Copper/Cobalt grades
Kamoto Copper Company (Kamoto UG, T17, Mashamba East &West and Dikuluwe )
R&R 162Mt 3.50%Cu 0.38%Co for 5,1Mt Cu 513Kt Co
Katanga Mining Ltd TSX:KAT
http://www.katangamining.com/
DRC Copper Project ( Tilwezembe - Kananga - KOV = Kamoto, Oliviera, Virgule, FNSR)
Tilwezembe 5,7Mt 1.5%Cu 1,0%Co
Kananga 6,9Mt 2.1%Cu 1.3%Co
KOV = 172Mt 5.1%Cu 0.5% Co for 9Mt Cu 800Kt Co
Nikanor Plc AIM:NKR
http://www.nikanor.co.uk/
Kingamiambo Musonoï Tailings Sarl (Adastra)
112,8Mt 1.49%Cu 0.32%Co
First Quantum Minerals Ltd TSX:FM AIM:FQM
http://www.first-quantum.com/s/Home.asp
Musonoi East & Extentions Cu/Co (Part of PE525)
Musonoi has the potential to be as big as Ruashi 20Mt
Metorex Ltd JSE:MTX
http://www.metorexgroup.com/home/index.html
La Société de Traitements des Rejets de Mutoshi Sprl (Kulu Tailings)
Coarse Tailings M&I 4.3Mt 4,4%Cu for 192Kt Cu and Inf 286Kt 6.5%Cu for 18Kt Cu
Fine Tailings 4,9Mt 0.89%Cu for 44Kt Cu
Anvil Mining Ltd ASX:AVM TSX:AVM
http://www.anvil.com.au/index.shtml
La Société d’Exploitation des Gisements de Kalukundi SPRL
27Mt 2,5%Co 0,7%Co
Africo Resources Ltd TSX:ARL
http://www.africoresources.com/
Tenke Fungurume Mining (Goma, Fwalu and Kwatebala)
M&I 235Mt 3.01%Cu 0.31%Co Inferred 264Mt 26%Cu 0.19%Co
Tenke Mining Corp TSX:TNK
http://www.tenke.com/s/Home.asp
Phelps Dodge Corp NYSE:PD
http://www.phelpsdodge.com/
Concession PE467 & PE469 (C19 = Disele South, Kakanda North & South C21 = Manda)
70Mt 3%Cu 0.73%Co
Central African Mining & Exploration Co AIM:CFM
http://www.camec-plc.com/
Rejets de Kakanda et Kambove
Tailings Indicated 18,4Mt 1,22%Cu 0,15%Co
Hard Rock 11,3Mt 3,25%Cu 0,2%Co
Simberi Mining Corp TSX:SAU
http://www.simberimining.com/
La Société Minière de Kabolela et de Kipese Sprl
Kabolela: 3,7Mt 3.8%Cu 0.7%Co & Tailings 440Kt 1.1%Cu 0.6% Co
Tiger Resources Ltd ASX:TGS
http://www.tigerresources.de/public/start.asp?sid=2&lid=2
Shituru Mining Corporation
Target = 10Mt 4% Cu (750m x 150m x 12m+25m)
International Barytex Resources Ltd TSX:IBX
http://www.barytex.com/
Compagnie Minière de Luishia
50Mt 2.1%Cu 0.1%Co
China National Overseas Engineering 0
http://www.covec.com/en
Anvil & Mining Company of Katanga (Kinsevere - Tshifufia - Tshifufiamashi)
20,9Mt 3,4%Cu
Anvil Mining Ltd ASX:AVM TSX:AVM
http://www.anvil.com.au/index.shtml
Sokoroshe 1 (PE523) , Sokoroshe 2 (PE538) & Kileba
Target 10Mt 3%Cu
Metorex Ltd JSE:MTX
http://www.metorexgroup.com/home/index.html
Compagnie Minière du Sud Katanga (Luiswishi I ,II,III & Est - Kipushi)
Luiswishi I 2.69%Cu 0.88%Co
Luiswishi Tailings 1.5% Cu 1.00%Co
Georges Forrest International s.a.
http://www.forrestgroup.com/
Kasonto-Lupoto Mines Sprl
Kasonto 6,7Mt 3,13%Cu
Lupoto 1,5Mt 5,18%Cu
TEAL Exploration and Mining Inc TSX:TL
http://www.tealmining.com/
Ruashi Mining Sprl PE578 (Ruashi & Etoile Stockpiles and Ruashi Orebodies)
Ruashi & Etoile Stockpiles 3,2Mt 1,86%Cu 0,20%Co
Ruashi I 3Mt 2%Cu 0.7%Co
Ruashi II 24Mt +3%Cu 0.7%Co
Metorex Ltd JSE:MTX
http://www.metorexgroup.com/home/index.html
Kipushi zinc (Disputed)
16,9Mt 16.7%Zn 2.3%Cu for 2,8Mt Zn and 393Kt Cu
Gecamines + United Resources AG
First Quantum Minerals Ltd TSX:FM AIM:FQM
http://www.first-quantum.com/s/Home.asp
Exxaro JSE:EXX
http://www.exxaro.com/content/main/home.asp
La Minière de Musoshi et Kinsenda SARL (Kinsenda, Musoshi and Lubembe)
Musoshi: Reserves 24Mt 2.4% Cu for 580Kt Cu
Kinsenda: Reserves 17,1Mt 5.1% Cu for 886Kt Cu
Lubembe: Resource 45,5Mt 2.2% Cu for 1Mt 2.2% Cu
Copper Resources Corp AIM:CRC
http://www.copperresources.com/index.html
Frontier (Lufua) Project
182Mt 1.16%Cu
First Quantum Minerals Ltd TSX:FM AIM:FQM
http://www.first-quantum.com/s/Home.asp
Lonshi (Bwana/Lonshi Project)
1,8Mt 7.2%Cu
First Quantum Minerals Ltd TSX:FM AIM:FQM
http://www.first-quantum.com/s/Home.asp
Sakania Project (PR2133, 2138, 2199 and 2508)
Best result: 7.56g/t Au, 0.26% Cu, 0.39% Co and 3.04g/t Pd
Tiger Resources Ltd ASX:TGS
http://www.tigerresources.de/public/start.asp?sid=2&lid=2
Dikulushi
M&I 1,060Kt 8.3%Cu 224gr/tAg for 88Kt Cu and 7,640,000oz Ag
Inferred 1,308Kt 5.8%Cu 141gr/t Ag for 81Kt Cu and 6,260,000oz Ag
Anvil Mining Ltd ASX:AVM TSX:AVM
http://www.anvilmining.com/documents/070209DikulushiMine_DavidNewton.pdf
SMCO or the Shituru Mining Corporation
One of the many Gecamines-JV: 25% GCM and 75% IBX
Site is located 1 km SW of Likasi-city
They are trying to prove 10Mt 4%Cu
http://stockgroup.stockgroup.com/baimg/img/ibx/IBX_DougCasey.pdf
International Barytex Resources Ltd. TSX:IBX
http://www.barytex.com/
DRC Listing of Gecamines, Okimo and Miba?
...Paul Fortin, MD of the Democratic Republic of Congo’s (DRC’s) Gecamines, a state-owned base metals firm, has turned the screws on foreign miners that drag their feet on investment. First Quantum Minerals and Exxaro Resources have seen their rights to the Kipushi mine withdrawn for failing to progress the development.
The sudden emergence of plans to publicly list state-owned mining companies, some of which are bankrupt, is another example of how African governments think they can cash in on the commodity boom.
Kalaa Mpinga, CEO of Mwana Africa, says the DRC has seen the discrepancy between the value at which it sells mining assets to foreign investors and the far higher value at which foreign mining companies then list them.
That’s one of the motivations behind plans to list all of the DRC’s mining companies including Miba, the diamond firm; base metals company, Gecamines and Okimo, the state-owned gold firm. Angola’s state-owned diamond company, Endiama, is the latest to run up listing plans, possibly on the Toronto Stock Exchange.
For many of these state-run entities, selling their shares may be a quicker way to rub out crippling debt than selling the assets piecemeal. It could also place less pressure to release control of their mining assets at cut-price levels.
http://www.miningmx.com/events/ea2007/623450.htm
Kipushi awarded by end-February
Allan Seccombe Posted: Wed, 24 Jan 2007 [miningmx.com] --
GECAMINES will announce the winner of a tender to partner it at the Kipushi zinc project in the Democratic Republic of the Congo before the end of January despite an urgent court case in Belgium brought by South Africa’s Exxaro and Canada’s First Quantum.
The joint venture partners initiated court proceeding to establish their rights to develop a zinc mine in the Democratic Republic of Congo. The final court sitting will be on 23 February, Exxaro’s Douglas Taylor said on Wednesday.
The case has been heard since November last year under an emergency procedure under the Belgian court, said Taylor, who is Exxaro’s director of strategy and business development.
secure the rights to the project“We are following the litigation process in the Belgian courts and the final sitting is on 23 February. That will be the last day of the hearing. It’s the prerogative of the court to decide when it will make its results known,” Taylor told Miningmx.
Gecamines could not be immediately reached for confirmation that the winner of the tender would be announced before the end of January.
Exxaro and First Quantum who are equal joint venture partners on the project brought the legal action after DRC’s state minerals company Gecamines put the old mine up for international tender.
Click Here to subscribe to our daily newsletter“We believe we had an agreement and we’ve spent a lot of time, money and effort on the project,” Taylor said. “What we’d like is to secure the rights to the project.”
The partners have warned other mining companies through newspaper advertisements that it will do all it can to protect its rights to develop Kipushi. Gecamines reckons there had been no agreement reached with the two companies.
The partners already have a court order preventing Gecamines from divulging confidential information and studies that they gathered from work already done at Kipushi.
Gecamines went ahead with the tender for partners at Kipushi and closed the bidding process in October 2006. It is thought to be considering a list of more than 10 companies for Kipushi.
About six South African companies are said to have tendered for the project. One of them is thought to be diversified JSE-listed miner Metorex, which has been unable to confirm or deny its involvement, citing confidentiality clauses.
Kipushi was shut in 1993 because of a lack of finance when it was in the Gecamines stable. It is estimated to have a measured and indicated resource of 16.9 million tons with an average grade of 16.7% zinc and 2.2% copper.
Exxaro is keen to bring zinc from the project to its 110,000 tonnes/year Zincor refining operation in South Africa, which is currently fed by concentrate from Exxaro’s Rosh Pinah mine in Namibia. Concentrate also comes from Anglo American’s Gamsberg mine in South Africa, which is high in manganese.
Zincor is South Africa’s only zinc refinery and supplies most of the country’s needs.
First Quantum acquired the Kipushi project when it took over Adastra. Exxaro is the company formed by the unbundling of Kumba Resources into a separately listed iron ore company and a base metals, coal and mineral sands company listed on the JSE.
http://www.miningmx.com/mining_fin/597327.htm
Gecamines to honour partnerships
David McKay Posted: Fri, 09 Feb 2007 (miningmx.com] --
GECAMINES, the state-owned Democratic Republic of Congo's (DRC's) base metals company, said it would not alter the economic benefits of projects in which foreign investors were involved.
"I don't think the market should worry about that too much," said Paul Fortin, MD of Gecamines. "Changing agreements is uncalled for." He said that any renegotiation of deals would be on a "consenual basis". Fortin was speaking at the Africa Mining Congress in Livingstone, Zambia.
First Quantum Minerals and the South African firm, Exxaro Resources, have started legal action against Gecamines after losing the permit to explore and mine the Kipushi mine in the DRC. The final hearing for the matter is set for the Belgian courts on February 23. It's thought that Gecamines wants to see foreign investors briskly develop their projects.
Fortin said there would be a review of base metal mining partnerships in the DRC but it would be "done with a sense to make them better".
"There would be no change in the economics of the deals. It would be very difficult for us to do that," he said.
In addition to renegotiating partnerships, Fortin said Gecamines was focused on resizing its 10,000-strong workforce as well as restructuring debt which was "contained and managed" at $2.4bn.
It was likely that Gecamines would sign for bankruptcy protection in which it would "make a proposal with creditors and come to terms," Fortin said. It would be impossible for Gecamines to pay all of the debt to full value, he said.
Bloomberg News reported on February 6 that Gecamines might consider an initial public offering as a means of alleviating its financial troubles.
Commenting on future business, Fortin said there were no new orebodies for partners but that deals could be struck on exploration opportunities in the DRC.
About $2bn was raised last year for mining investment in the DRC. "You'd have thought it would be difficult to do that but the market is ready for it," said Fortin.
http://www.miningmx.com/events/ea2007/623468.htm
Congo Mining Forum 01/12/07 Liège/Belgium
Total for the Fortin presentation with following Gecamines-partners:
DCP KCC KMT TFM SMK RM
but not CAMEC, Africo, Simberi or Chinese like COVEC, Hanrui or Wambao a.o.
Copper in ktCu 06=72 07=132 08=196 09=329 10=432 11=515 12=540 13=616 14=616 15=616
Cobalt in ktCo 06=13 07=17.6 08=21.7 09=28.1 10=34.5 11=43 12=46 13=56 14=57 15=52
DCP = NIKANOR = DRC Copper Project ( Tilwezembe - Kananga - KOV)
KCC = KATANGA MINING = Kamoto Copper Company
KMT = FIRST QUANTUM = Kingamiambo Musonoï Tailings Sarl
TFM = TENKE/PHELPS-DODGE = Tenke Fungurume Mining
SMK = ANVIL = Societé Minière de Kolwezi (Mutoshi Kulu Nioka Kulumaziba)
RM = METOREX = Ruashi Mining (Ruashi - Etoile)