Funding undeterred by halt in mineral production
JOHANNESBURG, (CAJ News) – THE decision to suspend the processing of copper and cobalt will not deter Katanga Mining Limited investing US$880 millions in its operations in the continent.
The company will continue with the planned investment into ongoing processing plant upgrades and the waste stripping of the KOV and Mashamba open pits in the Democratic Republic of Congo.
These process upgrades include the commissioning of the new leach plant which will replace the existing oxide concentration process.
This is expected to significantly improve both copper recoveries and operating unit costs when processing resumes.
Meanwhile, the suspension of copper and cobalt processing is expected to last up to 18 months.
The company aims to minimize the impact of the suspension on its employees and will retain a minimum of 80 percent of the existing workforce.
Initially, a process of voluntary redundancies and voluntary early retirement will be followed before assessing the need for compulsory headcount reductions.
During the suspension, the company will invest in a skills development program which will include work programs at other operations and the attendance of identified staff at a technical school in Zambia.
The United Kingdom-based Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt. The company has the potential to become Africa’s largest copper producer and the world’s largest cobalt producer.
Katanga is listed on the Toronto Stock Exchange.
– CAJ News
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