The government of Zaire has ratified Consolidated Eurocan Ventures’ (KEU-T) acquisition of a 55% interest in the giant Tenke and Fungurume copper-cobalt concessions.
The joint-venture agreement with state-owned La Generale des Carrieres et des Mines (Gecamines) was signed in late November.
Eurocan plans to complete a full feasibility study over the next 18 months and begin production in four years at an initial annual rate of 100,000 tonnes copper and 8,000 tonnes cobalt.
The concessions host two copper-cobalt deposits covering 1,437 sq. km in the southeastern province of Shaba.
Resources are estimated to exceed 222 million tonnes grading 4.42% copper and 0.33% cobalt, including proven resources of 92.6 million tonnes grading 4.59% copper and 0.36% cobalt.
Tenke Fungurume is a stratabound copper-cobalt deposit in strongly folded and faulted Proterozoic shales and dolomites. Economic mineralization in the oxide zone, which extends as far as 250 metres below surface, consists of malachite, pseudomalachite, chrysocolla and heterogenite.
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