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MEI Online: Plant Operation News: Africa: September 12th 2007

 
 

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:: US$50m Contract for a Copper Processing Plant for Luanshya Copper Mines

Bateman Engineering NV has announced that it has been awarded the order for the execution of reimbursable EPCM services (Engineering, Procurement & Construction Management) worth US$46million for the Luanshya Copper Mines’ Muliashi Copper Project located in North-West Zambia. An additional US$4million contract for a feasibility study related to the project was also awarded.

Work on the project will start immediately and be executed by Bateman Engineering’s offices in Australia and South Africa.

The Muliashi Copper Project will be a state of the art copper refinery that includes heap leach and tank leach technologies, solvent extraction (SX) and electrowinning (EW) to produce 60,000 TPA of LME Grade A cathode copper. The project has a total estimated cost of over US$300 million.

The above mentioned transaction is considered to be a "Related Party transaction” pursuant to Rule 13 of the AIM Rules for Companies in light of BSG Resources Limited’s (“BSGR”) (which is a significant shareholder in the company through its ownership of Global Minerals BV) shareholding in the Zambian company, Luanshya Copper Mines plc (“LCM”), through its subsidiary Cunico Resources NV.

The directors of the company, with the exception of Dag Cramer who had to abstain because he is a representative of BSGR, having consulted with Dresdner Kleinwort Limited (the company’s nominated adviser), consider that the terms of the transaction are fair and reasonable insofar as the shareholders of the company are concerned.

Dr. Sivi Gounden, Chief Executive Officer of Bateman Engineering NV said: “This is further confirmation of Bateman’s leadership in hydrometallurgical copper processing technology. We are delighted to be participating in the Muliashi Copper Project."

 

 

   

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