The conference schedule is available as a pdf.
The Democratic Republic of Congo ('DRC') is one of the world's most prospective regions for mineral exploration and project development. With the stars now well aligned for the revival of that country's mining industry, Canaccord Adams hosted a conference in London on March 30 to profile eight mining companies currently active in the DRC. The key note conference speaker was Paul Fortin, Administrateur Délégué Générale of Gecamines, who is leading a team of experts in the restructuring and revival of the DRC's state-owned mining company, once the world's fifth largest copper producer.
The mineral potential of the DRC is well known and the production potential proven. In the late 1980s, 6% of the world's copper was produced in the DRC but this fell to less than 0.5% in the early 1990s and has remained at low levels ever since. Following the introduction of the Mining Code in 2002 and the more recent political stability of the country, coupled with an extended commodity pricing cycle, the restructuring and revival of Gecamines and the likelihood of a restored rail link to the port of Lobito in Angola, we are now seeing the signs of revival.
Broader financial markets are being attracted back to the DRC and, of course, the mineral resources are still there: copper, cobalt and some of the world's largest gold deposits are just waiting to be scooped up.
The following eight companies were profiled at the London conference. You can access the individual presentations by clicking on the names of each company. For further information, contact Damien Hackett in London on 44.20.7518.7364 or at damien.hackett@canaccordadams.com.
Adastra Minerals - Adastra is developing the Kolwezi Tailings Project in the DRC, which has the potential to become the world's largest and lowest cost cobalt mine. A definitive feasibility study was recently completed and project finance is now underway.
Africo Resources - Africo, 39%-owned by TSX-listed Rubicon Minerals, is conducting a feasibility study on the Kalukundi copper-cobalt project in DRC, due for completion by the end of Q1/06. The company is planning to IPO during Q2/06.
Katanga Mining - Katanga Mining is conducting a feasibility study on the large Kamoto copper-cobalt redevelopment project in the DRC, due for completion in April 2006. Construction could begin later this year with initial production in 2008.
Metorex - Metorex is developing the Ruashi copper-cobalt project in the DRC. Phase I is already funded and involves processing stockpiles beginning in Q2/06 with a feasibility study on Phase II due in Q3/06.
Moto Goldmines - Moto has outlined a gold resource of nearly 11M oz Au in the Moto greenstone belt in north-eastern DRC, making it one of Africa's largest undeveloped gold deposits. Drilling continues to expand the resource and the company aims to complete a pre-feasibility study by mid-2006 and has first production targeted for 2009.
Mwana Africa - Mwana is a pan-African mining and exploration company, controlling nickel, copper, zinc, cobalt and gold projects in Ghana, Zimbabwe and the DRC. In the DRC, it has extensive land holdings in the Katanga copper belt and the Kilo Moto gold district. It has also indicated an interest in purchasing the Kamfundwa copper-cobalt deposit.
Platmin Congo Ltd. (Part 1, Part 2)- A private BVI company created in 2003 with extensive African mineral exploration and development expertise. The company secured a portfolio of copper-cobalt exploration projects in partnership with Gecamines and intends to shortly commence a 8,000m diamond drilling programme on two Gecamines projects. Platmin Congo will be seeking staged pre-IPO funding to implement its field exploration programmes prior to an anticipated listing on London's AIM market.
Tenke Mining - Through a partnership with Phelps Doge, Tenke is developing the Tenke Fungurume copper-cobalt project in the DRC, one of the richest and largest known copper-cobalt resources. A final feasibility study is due for Q2/06 with first production by Q1/08.