Bloomberg reported that Democratic Republic of Congo’s state mining company Gecamines plans to boost copper output 46% this year even as it’s still seeking funding for new projects.
Mr Ahmed Kalej Nkand CEO of Gecamines said that “Part of the production may come from a deal with Trafigura Beheer BV, the world’s second largest minerals trader, to process a copper tailings stockpile at Gecamines’ Lupoto mine.”
Mr Nkand said that “There’s still some preparation work on a processing plant. Once we’ve finished that we can start operations producing about a monthly 3,000 tonnes of concentrate over 33 months. Gecamines was once one of the world’s biggest copper miners, shipping 476,000 tonnes in 1986, until years of mismanagement and war in Congo almost destroyed the company. This year it’s set to produce 60,000 tonnes of copper up from 41,000 tonnes a year earlier.”
He said that “It will be a great challenge because of electricity problems and a 300 MW deficit forcing the country to ration supply to mining companies. A plan to build a 500-megawatt coal plant hasn’t yet reached the feasibility study stage, a year and a half after the company first announced the development.
He added that Gecamines is also trying to find financing for its fully owned Deziwa and Ecaille C mining concessions, among Congo’s largest with 4.85 million certified tonnes of copper and 401,900 tonnes of cobalt reserves. It’s a dream concession.
UBS Securities has initiated coverage on Tiger. In the report from the firm titled Low cost copper with longevity, analyst Jo Battershill gave the Democratic Republic of Congo copper producer a BUY ratingwith a price target of $0.56/share. “TGS is currently commissioning a 25ktpa SXEW plant that will replace the HMS plant during 2014. Guidance for 2014 is 51kt Cu at US$0.68/lb cash cost. In 2015, the SX-EW plant will be expanded to 50ktpa with costs of US$0.72/lb, supported by stockpiled ore and HMS residue as feed for the heap leach. Longer term, cash costs lift to US$1.04/lb as mining recommences in late 2015….
“With the primary SX-EW plant soon to be completed, we believe the simplified, and growing, production profile and the company’s track record of operating in the DRC could lead to additional investor interest going forward. Also, in our view, proximal 3rd party resources could add additional feed in future years.”
Canaccord Genuity released an updated report on Tiger following the company increasing the Kipoi Central Mineral Resource by 7.5% to 690,000 tonnes of copper last week. Analyst Luke Smith: “TGS will shortly become a copper cathode producer which we forecast to result in a strong lift in revenues and reduction in operating costs. We continue to view TGS as our most preferred copper exposure and maintain our BUY rating.” Canaccord has a $0.78/sh price target on Tiger. Click here to view the full report
TORONTO, ONTARIO–(Marketwired – Apr 10, 2014) – Banro Corporation (“Banro” or the “Company”) (NYSE MKT:BAA)(BAA.TO) is pleased to provide Q1 2014 gold production and a brief operations update for its Twangiza and Namoya gold mines in the Democratic Republic of the Congo (the “DRC”).
Despite much heavier than normal rainfall in the first quarter, Twangiza produced 20,137 ounces of gold, an increase of 2.7% over the same quarter of 2013, which had significantly less rainfall than 2014. This is roughly in line with the average quarterly production in 2013, as the plant nears completion of the expansion program to bring the throughput capacity up to the 1.7 million tonnes per year range.Continue Reading
Baobab is pleased to announce the results of bench-scale direct reduction and pyrometallurgical smelting test work completed at CSIRO’s laboratories in Australia.
The results confirm the Company’s conviction that a high quality, low impurity pig iron can be produced from Baobab’s iron ore resources and locally sourced thermal coal. Importantly, the test work also demonstrates the clean removal of titanium to the slag and that vanadium can also be separately liberated.
Please click here to download the complete announcement.
Perth, Australia, April 14, 2014 – (ABN Newswire) – Tiger Resources Limited (ASX:TGS.AX – News) (“Tiger”) is pleased to welcome MCK Trucks sprl (“MCK”) as a shareholder of the Company.
MCK has been the mining contractor at Tiger’s Kipoi Copper Project in the Democratic Republic of Congo (“DRC”) since the Company started producing copper concentrate at Kipoi in May, 2011. MCK, a local DRC-based company, approached Tiger about becoming a shareholder.
Tiger issued 35.6 million shares to MCK at $0.36 per share, with proceeds to be settled through the provision of mining services for the Stage 2 solvent extraction electro-winning (SXEW) operation at Kipoi.
The SXEW plant is on schedule to commence production of copper cathode in Q2 2014. The plant is expected to produce 25,000 tonnes of copper cathode in its first full 12 months of operation and 50,000 tonnes per annum in subsequent years.
Managing Director Brad Marwood said: “Having MCK on our share register demonstrates the confidence and support we’ve got from the local community and strengthens our in-country relationships.
Our alliance with MCK will reduce the development cost for the next phase of works whilst maintaining a presence at site of a key contractor who has been an integral part our success story to date.”
About Tiger Resources Limited:
Tiger Resources Limited (ASX:TGS.AX – News) has established itself as a producing copper/cobalt company with excellent growth potential after making the transition from an explorer. We have a highly-rated portfolio of properties, all strategically located on the world renowned Katanga Copperbelt in the Democratic Republic of the Congo (DRC), central Africa.