Maravi

Barrick projects 1.5bn tonnes of copper at new Lumwana site

COMMENT - 1,500,000,000 tonnes, even at $3000 per tonne, would be $4,500,000,000,000 or $4.5 trillion dollars. So if that is not a typo, Zambia's future is ensured if it's resources are in it's own hands. Presuming that this is not a typo, or that someone can't count. Or Ndinawe Simpelwe means copper ore, and not copper.

This is why I would like to start an Africa-wide initiative, to ensure that all raw materials in Africa are sold to the state at cost only, and sold by the state at international market prices only.

Barrick projects 1.5bn tonnes of copper at new Lumwana site
By Ndinawe Simpelwe in Solwezi
Tue 28 June 2011, 09:10 CAT

BARRICK, the new owner of Lumwana Copper Mines has estimated another 1.5 billion tonnes of copper at the new Chimiwungo mining site at Lumwana. Barrick general manager Adam Wright said drilling works at the site had identified an additional ore chute east of Chimiwungo.

“Resource is only constrained by drilling to the east and south. Equinox were preparing a feasibility study for an expansion to a 45 Mtpa prior to Barrick take over,” Wright said.

He said Chimiwungo would be the mainstay of Lumwana for many years to come adding that the mine would be significant not only to Zambia but the world.

“Barrick arrival is well timed because it is at a time that Lumwana is expanding. Barrick has the money and the equipment to carry out the projects,” he said.

Wright could, however, not disclose the level of investment the company would pump in and said the exploration works were still on going. Barrick recently bought shares in Lumwana from Equinox.

He said the expansion of Lumwana mines through Chimiwungo would benefit the country because copper prices were expected to remain high following increased demand from China and India.

“One of the reason we took over from Equinox is to see the growth potential on the copper side. Last year, North Western Province produced more copper than the Copperbelt and that shows you that there is a shift in development.

North Western will be the centre of new developments for the country,” Wright said.

He said production of copper at Lumwana had doubled from the time Barrick took over from Equinox adding that over 2,300 local people had been employed.

“Zambia is a good place to do business looking at the mining culture, good multi-party democracy, good institutional capacity and it’s a signatory to EITI,” he said.

And Wright said the company had no immediate plans to start uranium mining because it was concentrating on expanding copper production.

He said the company needed about US $2 million dollars to start uranium mining.

“There are no immediate plans for Uranium as we don't have the market and we need about US$ 2 million,” he said.

Labels: COPPER, LUMWANA MINING COMPANY, URANIUM

posted by MrK @ 3:55 PM