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MEI Online: Plant Operation News: Africa: July 18th 2003


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:: AMF Agrees Ownership of Kolwezi

America Mineral Fields (AMF) has reached agreement with Gecamines on the ownership of the Kolwezi copper-cobalt tailings project in the Democratic Republic of Congo. Under the agreement, AMF will control 87.5% of the project, and the state-owned mining company the remaining 12.5%. AMF will also pay Gecamines US$15 million in two installments. The International Finance Corporation and South Africa's Industrial Development Corporation each have the option to acquire up to 10% of the project on a farm-in basis. Kolwezi consists of two dams containing 112.8 Mt of oxide tailings grading 1.49% copper and 0.32% cobalt. At a conceptual annual output of 42 kt copper and 7 kt cobalt, the project would have an operating life of 38 years.




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