Tuesday, September 04, 2007

Teal nods $1.5m investment in Konkola copper project

Teal nods $1.5m investment in Konkola copper project
By Fridah Zinyama
Tuesday September 04, 2007 [04:00]

According to the company, the technical aspects of the feasibility study for the project, based on an operation to exploit the South and East Limb areas of the ore body, have been completed.

"What is remaining is to use the existing shaft to gain rapid access to the ore body and mining first in the South Limb area, followed by the East Limb," the company stated. "The mine has an average production of over 16-year life of mine of 25, 000 tonnes of contained copper per year," Teal disclosed.

In June, Teal Exploration and Mining had revealed that Standard Chartered Bank had finalised a one-year 'bridging' facility of US $20-million meant to help with its mine operations.

The facility, guaranteed by its major shareholder, African Rainbow Minerals, matures on June 4, 2008.

"The proceeds will be used to advance mining operations to full production level of 5,000 tonnes per year of copper on the Lupoto deposit at Teal's Kalumines copper/cobalt project, in the Democratic Republic of Congo, and fully commission its 5,000 tonnes per year copper furnace, during July 2007," Teal stated.

The company indicated that the funds would also be used to finalise the feasibility study on the Konkola North copper project.

"The funds would also provide the necessary funding to maintain the 12,000 tonnes per year to 15,000 tonnes per year at Mwambashi copper project in Zambia," the company noted.

The company stated that funds would also be used in continuing the exploration-drilling programme on the Otjikoto gold project, in Namibia, where Teal is aiming for an increased gold resource.

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