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Gold/Mining/Energy : Namibian Copper Mines Inc.
NCMI 4.305-3.3%Nov 4 3:59 PM EST
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To: C L who wrote ()6/18/1997 3:58:00 PM
From: Jack Sman   of 154
 
(REUTERS) Namibia Haib copper project could produce in 2 yrs Namibia Haib copper project could produce in 2 yrs GRAND BAIE, Mauritius, June 18 (Reuter) - Great Fitzroy Mines <GFY.AX> said on Wednesday its joint venture Haib copper project in Namibia was on track and could be in production in the next two years. Great Fitzroy managing director Peter Prentice told a sub-Saharan Oil and Minerals conference that a full feasibility study had recently been completed and a minerals agreement was presently being negotiated with the Namibian government. A development decision would hopefully be taken before the end of the year. "We believe that in the next two years, the Haib project will be in production," Prentice said. The partners in the project are Great Fitzroy and Namibian Copper Mines Inc <NCMI.OB> -- listed on NASDAQ. Haib had a mineable ore resource of 650 million tonnes at 0.37 percent copper and would have a mine life of 25 years. The planned annual production would be 115,000 tonnes of copper cathode at a cost of less than $0.50 a pound. In addition to copper the Haib project would produce around 17,000 ounces of gold and 880,000 kg of molybdenum concentrate. The proposed capital cost would be in the region of $600 million. Prentice said the copper would be extracted using solvent extraction/electrowinning (SX-EW) technology and heap leaching. The project would require around 220 kW of power, which Prentice said was equal to 50 percent of Namibia's present electricity consumption. -- Marius Bosch, Mauritius newsroom, +230 2119555 REUTER *** end of story ***
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