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History
The Kakanda North, South and East deposits were exploited by open pits, Kakanda East being worked from two separate pits. Mining at the Kakanda South pit ceased in 1984, and the Kakanda North pit closed in 1989.
In 1995 International Panorama Resource Corp (“IPRC”), through its wholly owned subsidiary PTM Minerals, commenced an exploration/development program to evaluate the Kakanda and Kambove tailings. The initial exploration determined that the Kambove tailings dump could not be treated economically. As a result, it was agreed, between Gecamines and PTM Minerals to abandon the Kambove tailings. As an alternative, Gecamines offered the exploration licenses to the North and South pits at Kakanda.
IPRC completed a Pre-feasibility Study on the Kakanda Property in May, 1997 followed by a Feasibility Study completed in October, 1997. Both studies were managed by Bateman Minerals and Industrial Ltd of South Africa (“Bateman”), and used additional consultants to provide expert assistance for the study. These consultants included Steffen Robertson and Kirsten (“SRK”), Dune and Dump Drillers (Pty) Ltd, Techpro Mining and Metallurgy Ltd, Performance Laboratories Ltd and others. The feasibility study concluded that the project was technically feasible and economically viable and was announced by IPRC on 23rd October 1997.The study was also presented to Gecamines for review, however IPRC shelved the project due to civil strife in the DRC in late 1998.
In 2005-2006 Simberi purchased 100% of New Congo Resources Development Company (“NCDC”) making it a wholly owned subsidiary. NCDC’s wholly owned subsidiary, PTM Minerals (Cayman) Ltd, is Gecamines joint venture partner with respect to the Kakanda Properties.
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