Here's the news on Kakanda:
APRIL 21, 1998, VANCOUVER, CANADA
INTERNATIONAL PANORAMA RESOURCE CORP. (the "Company") announces that the Kakanda copper/cobalt tailings project in the Democratic Republic of Congo is moving forward based on a down-sized plant, designed to process 1.3 million tonnes of tailings annually, resulting in a production of 1,500 tonnes cobalt and 14,000 tonnes copper per year. The Kakanda tailings reserve comprises 18.4 million tonnes grading 1.22% copper and 0.15% cobalt which will provide for over 15 years production. The Kakanda hard-rock reserves, currently measured at 11.3 million tonnes of mineable ore, grading 3.14% copper and 0.19% cobalt, are not included in the economic assessment following, but are expected to provide at least 10 years of additional plant feed after depletion of the tailings reserve.
The Company's financial advisors are strongly supportive of the down-sized plant alternative. A review performed by a major bank suggests the project will support a debt/equity ratio of 60/40. The Company is updating the feasibility study to finalize the most advantageous funding package with Canadian and international financial partners.
Capital costs are reduced and now estimated by the Company's technical management at US$112 million. Operating costs will run approximately US$19.50 per tonne tailings. Cash operating costs are minus US$0.06 per pound copper after cobalt credits at US$8.00 per pound. The down-sizing review further confirms economic viability at a copper price of US $0.85 per pound and a cobalt price of US $8.00 per pound. Payback of capital is expected approximately 2 1/2 years from plant commissioning, scheduled for early 2000.
INTERNATIONAL PANORAMA RESOURCE CORP. |
