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Overview
Simberi Mining Corporation through its wholly owned subsidiary, PTM Minerals (Cayman) Ltd. (“PTM Minerals”), has a 51% interest in the Kakanda Copper-Cobalt Property through a joint venture agreement between La Générale des Carrières et des Mines (“Gecamines”), the Congo’s state mining company. The Property is held under Permis d’Exploitation No 469, issued in the name of Gecamines under which the concession was transferred to a joint venture with PTM Minerals after completion of a feasibility study in 1997.
The Kakanda Property is located in Katanga Province, DRC some 70 kilometres northwest of the major regional centre of Likasi, with which it is linked by a fair quality dirt road through Kambove. Likasi is in turn 120 kms by paved road from the Provincial capital, Lubumbashi.
The Kakanda Property is located in Katanga Province, DRC some 70 kilometres northwest of the major regional centre of Likasi, with which it is linked by a fair quality dirt road through Kambove. Likasi is in turn 120 kms by paved road from the Provincial capital, Lubumbashi.
It is MPH’s opinion that the Kakanda project is technically feasible and economically viable. Although the original operating and capital costs are historic the current market prices more than offset the estimated increases in the capital and operating costs. This makes the project a viable robust development opportunity.
There are several copper-cobalt deposits similar in character to the Kakanda bedrock and tailings deposits that are located in the DRC portion of the Central African Copperbelt. Two properties in particular may have a significant impact on the potential operations at Kakanda. These are:
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The Tenke-Fungurume Project of Phelps Dodge Corporation and Tenke Mining Corporation
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In 2001, the Kababankola Mining Company (KMC) was awarded a concession which included the Kakanda concentrator and a number of deposits in the area. KMC operates the concentrator under lease from Gecamines, and is an immediate neighbour of Simberi.
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