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Gold/Mining/Energy : Namibian Copper Mines Inc.
NCMI 4.130-4.7%Nov 6 3:59 PM EST
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To: TheBusDriver who wrote (22)1/30/1997 4:24:00 AM
From: C L   of 154
 
Today should be interesting, I just got this news item faxed in from London:

Namibian Copper Mines announced today that it had received from the international engineering firms Minproc Australia Ltd. and Kvaerner Davy Pty Ltd (formerly Davy John Brown), the completed bankable feasibility study on it's Haib Copper Project. The "Haib" will be the first new major mining project in the country of Namibia since it's independence in 1990. The current estimate of capital expenditure for completion of the project is $US 490 Million. When fully operational, targeted to July, 1998, the project could represent up to 15% of Namibia's annual gross domestic product.

Results of the Bankable Feasibility Study surpass earlier forecasts in terms of production levels and lower operating costs. Current estimates of operating costs are $US 0.51 per pound with annual net operating cash flows in the order of $US 140 million. The feasibility study incorporated the particular economic importance of the favorable operating and capital costs demonstrated by the Roast Leach Electrowin (RLE) extractive process to be utilized at the Haib. At the high ore treatment rates proposed in the study the RLE process is so effective that the treatment of low grade ores by heap leaching was eliminated. Based on the new efficiencies, production levels for cathode copper using RLE alone are estimated to be in excess of 100,000 tonnes per annum. This would place the Haib Copper Project as one of the the top ten cathode copper producers in the world.

Further Info contact:
Bill Allred
602-491-1002
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