Article in the West. Doesn't really tell us more than we already...

Article in the West. Doesn't really tell us more than we already know though...

Anvil up as Kinsevere ramp-up resumes
16th July 2009, 10:00 WST

Shares in Anvil Mining surged today after it was revealed it had engaged enginnering firm Ausenco to recommence work on its Kinsevere stage 2 copper project in the Democratic Republic of Congo.

The troubled miner had been hit hard by a collapse in the price of base metals last year, which forced it to close its Dikulushi mine and shelve plans for Kinsevere.

But Anvil has decided to recommence work on the US$380 million project following a recovery in copper prices in recent months and a recent $34 million raising.

Anvil is banking on turning Kinsevere into its future flagship operation, where it has proven and probable reserves of one million tonnes of copper and production planned for next year.

The company plans to turn Kinsevere into a 60,000 tonnes per annum project.

Anvil says the finalisation of the project will allow it to significantly reduce its unit production costs and be competitive at prevailing copper prices.

The company has already spent $190 million on Kinsevere stage 2 and is waiting on financing worth more than $200 million to complete the project.

Anvil shares were up 24 cents, or 16 per cent, to $1.74 at 9.50am.

STUART McKINNON