Tiger aims to finish study on next Congo copper mine end March
SYDNEY | Tue Feb 15, 2011 12:50am EST
SYDNEY Feb 15 (Reuters) - Tiger Resources is about a month away from completing a study on the second phase of its Kipoi copper mining project in the Democratic Republic of Congo, which could yield as much as 50,000 tonnes a year, a company spokesman said on Tuesday.
The initial stage of the project is scheduled to start producing 35,000 tonnes of copper in concentrate annually in April and run for three years before being replaced by the second stage, which is the subject of a study nearing completion, spokesman Nathan Ryan said.
"We will wait for the feasibility study on phase two, but we would hope to kick it (Kipoi) up to 50,000 tonnes (per year)," he said, adding the study would be finished by the end of next month.
The Kipoi Project covers an area of 55 sq km in Katanga Province, Congo's sole copper-producing region and source of about 5 percent of the world's supply of the metal.
Katanga Mining and Mutanda Mining, both part-owned by Swiss metals trader Glencore , along with China's CDM, South African Metorex's Musoshi project and Anvil Mining are also expanding copper mining in the province.
Copper prices have raced more than 60 percent higher in the last year on strong global demand and tight supplies. Three-month copper on the London Metal Exchange rose as much as $30 to a record $10,190 a tonne on Tuesday.
The second phase of the Kipoi project would include a solvent-extraction plant to process copper ore feed from the Kipoi and nearby Lupoto mine projects, he said.
All of the concentrate from the first phase of Kipoi will be sold for smelting to Tiger's major shareholder, the commodities trading firm Trafigura, the spokesman said, adding it held no hedge contracts on its copper. (Reporting by James Regan; Editing by Ed Davies)
www.reuters.com/article/2011/02/15/...er-idUSL3E7DF0C020110215
SYDNEY | Tue Feb 15, 2011 12:50am EST
SYDNEY Feb 15 (Reuters) - Tiger Resources is about a month away from completing a study on the second phase of its Kipoi copper mining project in the Democratic Republic of Congo, which could yield as much as 50,000 tonnes a year, a company spokesman said on Tuesday.
The initial stage of the project is scheduled to start producing 35,000 tonnes of copper in concentrate annually in April and run for three years before being replaced by the second stage, which is the subject of a study nearing completion, spokesman Nathan Ryan said.
"We will wait for the feasibility study on phase two, but we would hope to kick it (Kipoi) up to 50,000 tonnes (per year)," he said, adding the study would be finished by the end of next month.
The Kipoi Project covers an area of 55 sq km in Katanga Province, Congo's sole copper-producing region and source of about 5 percent of the world's supply of the metal.
Katanga Mining and Mutanda Mining, both part-owned by Swiss metals trader Glencore , along with China's CDM, South African Metorex's Musoshi project and Anvil Mining are also expanding copper mining in the province.
Copper prices have raced more than 60 percent higher in the last year on strong global demand and tight supplies. Three-month copper on the London Metal Exchange rose as much as $30 to a record $10,190 a tonne on Tuesday.
The second phase of the Kipoi project would include a solvent-extraction plant to process copper ore feed from the Kipoi and nearby Lupoto mine projects, he said.
All of the concentrate from the first phase of Kipoi will be sold for smelting to Tiger's major shareholder, the commodities trading firm Trafigura, the spokesman said, adding it held no hedge contracts on its copper. (Reporting by James Regan; Editing by Ed Davies)
www.reuters.com/article/2011/02/15/...er-idUSL3E7DF0C020110215
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