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Gold/Mining/Energy : Copper - analysis -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (1388)	2/14/2006 11:56:54 AM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Anvil Mining Plans to Raise $100 Million to Triple Congo Output 2006-02-14 02:26 (New York) By Stewart Bailey Feb. 14 (Bloomberg) -- Anvil Mining Ltd., which digs copper in the Democratic Republic of Congo, plans to raise as much as $100 million in a share sale to finance the tripling of production in the next two years. The company, based in Perth, Australia, will increase copper output by about 20,000 metric tons this year, all from its new Kulu mine, and by a similar amount in 2007 from its Kinsevere project, both in the southern Congo, Finance Director Craig Munro said yesterday. The company produced 19,000 tons last year from its Dikulushi mine. ``We're talking some pretty serious money,'' Munro said yesterday in an interview in Lubumbashi in the southern Congo province of Katanga. ``It's a good time to do it.'' Anvil was one of the first international companies to venture into the Congo after former President Mobutu Sese Seko was overthrown in 1997. Now, after the end of the war that followed his ouster and which left almost 4 million Congolese dead, the company is looking to expand in a region that has about 10 percent of the world's copper reserves. The company ``will probably'' sell shares to raise the funds it needs, he said. Anvil may also raise some debt, Munro said. Anvil expects to find more copper at Kinsevere and Kulu and plans to raise annual production to as much as 100,000 tons of copper in five years, Munro said. --Editor: Wallace