Congo Resources

[vanbrussel]

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/