Pennypincher, in regard to size and start up times the following is instructive and also shows that there are others out there doing the same thing. "LONDON -- A decommissioned copper mine in the Zambian Copperbelt could be reopened in 2008 by WM Exploration Ltd., which was co-founded by a former senior executive at First Quantum Minerals Ltd., and financial services company Weatherly International.
Previous reports have put the Luanshya Mine's resources at 1 million tonnes of contained copper and annual production at 40,000 tonnes of cathode, according to Weatherly.
"We're looking at how to go about reopening it," said Rob Webster of WM Exploration, who formerly worked for First Quantum and is soon to be named chief executive of the new company. "We're also assessing some of the new ore bodies (included in the leases)."
A rough timeline for development would be a bankable feasibility study completed within the next 12 months and production started within 18 months after that, Webster said.
"It's a great time to get into copper in Zambia. Demand from China continues and the lead time for new copper mines is 10 years," Webster said, adding that brownfield production was a quicker turnaround to feed a hungry market. Martinick, who also will be an executive of the new company, is a non-executive director at oil and gas exploration company Sun Resources NL and founder of Basin Minerals Ltd.
Webster was a senior executive at First Quantum Minerals, a Canadian company with large assets in Zambia, where he was involved in the development of mines in Mauritania as well as the Kansanshi Mine in Zambia. Webster also served as a non-executive director at Zambian copper producer Mopani Copper Mines Plc."
BLR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
