Monday, May 04, 2009

FQML to mine ore from Mkushi

FQML to mine ore from Mkushi
Written by Chiwoyu Sinyangwe
Monday, May 04, 2009 2:46:54 PM

PROSPECTS for reopening of the closed Bwana Mkubwa copper processing plant look bright after First Quantum Minerals Limited (FQML) announced plans to start mining ore from Mkushi, according to an Environmental Impact Statement (EIS).

Bwana Mkubwa mine plant, which is one of the oldest mines in Zambia, ceased operations late last year after the owners of the mine FQMOL failed to clinch the vital deals with the authorities of the Democratic Republic of Congo (DRC) over the sourcing of copper ore.

DRC authorities, under Katanga Province governor Moses Katumbi, had insisted that only copper concentrates be exported from the mineral country while FQML stated that the Bwana Mkubwa plant could only process an input of ore and not concentrates.

According to EIS for the proposed Fishtie Project at Kashime, First Quantum intended to mine three million tonnes of copper at the mine to be situated 30 kilometres north of Mkushi.

Fishtie Project at Kashime would be situated within Mkushi district and would be done by open pit mining methods.

“The mined ore will be transported to Bwana Mkubwa processing plant in Ndola for processing,” the EIS submitted to the Environmental Council of Zambia (ECZ) read in part. “FQML will also upgrade the old Congo way [old Ndola – Mkushi Road] to suitable standard to facilitate transportation of ore to the processing plant.”

“The in site of the ore grade was averaged at 2.47 per cent Acid Soluble Copper,” it stated. “The average overburden stripping will be about 856, 164 tonnes per month, giving a total overburden material of approximately 23 million tonnes for the life of the mine.”

Until its closure last year, Bwana Mkubwa used to process an annual estimate of about 41, 000 tonnes of copper cathodes and 140, 000 tonnes of Sulphuric Acid.

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Wednesday, January 14, 2009

African Eagle to re-prioritise projects

African Eagle to re-prioritise projects
Written by Nchima Nchito
Wednesday, January 14, 2009 10:09:23 AM

AFRICAN Eagle Resources (AER) Plc has announced a re-prioritisation of its projects in view of the current economic crisis.

In a press release, AER, which owns the Mkushi Copper Mines project, announced this decision as a measure to cope with deteriorating market conditions, restricting active operations largely to the Dutwa Nickel project in Tanzania.

“Our Dutwa Nickel discovery in 2008 demonstrates the validity and the strength of our past strategy of remaining diversified and capitalising on opportunities as they arise,” stated AER chairman, John Park.

The company announced these decisions after completing a thorough review of its strategy for 2009 in view of the current unprecedented global market conditions and commodity prices.

“Now, however, we are operating in very challenging times, and our first and foremost duty to our shareholders is to remain in business so that we can realise the benefits of Dutwa and other advanced assets when markets improve,” he stated.

Park confirmed that African Eagle would delay the development of its proposed Mkushi Copper Mine in Zambia and would, instead, focus on assessing the viability of its Dutwa Nickel project in Tanzania.

“We recognise the need to conserve these funds. This will mean reviewing and renegotiating all services contracts and cutting our operating costs and overheads sharply to see out this difficult period, while advancing the Dutwa project to economic evaluation,” Park stated. “We are fortunate among our peers in having £2.5m cash still in the bank from our 2007 Johannesburg listing and financing.”

Park stated that his company intended to place most of its other advanced projects on care and maintenance while it continued to look for partners to help fund them, adding that it would relinquish many of its earliest stage projects.

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