Scarvas early post.

  1. 13,265 Posts.
    lightbulb Created with Sketch. 525
    Dont like to duplicate posts but I know what a pain in the a... going back through the pages is so I thought I'd repost this AVL article on Bloomberg.

    Anvil Mining to Dig Copper, Silver in War-Torn Congo (Update1)
    (Adds DRC seizure of Banro mines in sixth paragraph.)

    Lusaka, Zambia, June 19 (Bloomberg) -- Anvil Mining Ltd. is
    about to start mining copper in the Democratic Republic of Congo,
    a central African country wracked by civil war, as the Australian
    mineral explorer seeks to tap some of the world's richest mineral
    deposits.
    The Dikulushi deposit in southeastern DRC has a copper grade
    of 8.6 percent, said Bill Turner, executive director of Anvil.
    ``This is very unusual,'' said Robin Bhar, a metals analyst
    at Standard Bank in London. Chile, home to the world's biggest
    copper mines, typically has mines with copper grades of 0.8
    percent to 1 percent.
    The $5.7 million mine project may signal the start of a
    revival in the DRC's mining industry, devastated by six years of
    civil war that has forced Anglo American Plc, Iscor Ltd. and
    American Mineral Fields to suspend investments in the country.
    ``They are all looking for success in ours to encourage them
    with their projects,'' Turner said. ``We are right out at the
    front.''
    The DRC seized mines owned by Canada's Banro Corp. in 1998 on
    a legal technicality and jailed its lawyers a year later, charging
    them with treason. The government agreed to give the mines back to
    Banro in April in a bid to encourage investment, Banro said.
    Anvil's mine will produce about 14,000 tons of copper and 1.1
    million ounces of silver a year at a cost of 36 U.S. cents a pound
    of copper, competitive with the 30 to 40 cents a pound of the
    world's most competitive mines. The copper production costs
    include revenue earned on the sale of silver.
    The Los Bronces mine in Chile that Anglo American bought last
    month has a copper grade only as tenth as rich as the DRC's
    Dikulushi deposit.
    RMB Resources, a unit of FirstRand Ltd., South Africa's
    second-biggest bank by assets, has lent Anvil $4.5 million to help
    build the mine.
    Anvil shares have gain 39 percent this year. Australia's
    benchmark S&P/ASX 200 Index declined 3.2 percent over the same
    period.
    The mine will ship concentrated copper ore across lake Mweru
    to Zambia for processing on a $2 million barge.
    The barge carrying the concentrate to Zambia may give local
    farmers access to new markets in the DRC, Zambian member of
    parliament Rosemary Chipampe said.
    ``This is the best thing that has happened to people in my
    area this year,'' Chipampe said in an interview. ``It is a
    development that shall create employment in an area where people
    are traditionally fishermen.''

    --Anthony Mukwita in Lusaka and Jonathan Rosenthal in Johannesburg
    on 27-11-286-1931 or [email protected] Editor: Sanders



 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.