AVM advance metals limited

I wonder as Anvil has a good relationship with Gecamines and...

  1. 278 Posts.
    I wonder as Anvil has a good relationship with Gecamines and First Quantam dont seem to with Kipushi being put up for grabs again, that Bill might consider getting involved in some way. Big Zinc/ Copper
    mine.
    excerpt below from reuters story just out.

    KINSHASA (Reuters) - Congo's state copper and cobalt miner Gecamines will review its partnerships with foreign mining firms and may cancel them if they are not active, its managing director Paul Fortin said on Thursday.

    Gecamines has some 30 partnerships with private mining companies, which provide the bulk of Democratic Republic of Congo's copper production of around 300,000 tonnes a year. Its partners include First Quantum Minerals, Phelps Dodge and Anvil Mining


    South Africa's biggest zinc and iron ore producer Kumba Resources and Canadian miner First Quantum launched a legal appeal in September after Gecamines published a tender the previous month for new partners to develop the mine.

    "For Kipushi, the situation is different," Fortin said.
    "No partnership deal was ever signed on Kipushi. There were never ending negotiations, which lasted more than five years without reaching an agreement, so GCM (Gecamines) decided to offer the property via a public tender."

    Kipushi was one of the world's major zinc and copper producers, but halted production in 1993 due to a lack of foreign exchange and supplies in the country.

    The mine, located in southeast Congo in the rich mineral belt around the town of Lubumbashi, has a total resource of 2.8 million tonnes of zinc and 392,755 tonnes of copper.

 
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