Yes Miningnut it was great to see at least one of the the EAF...

Yes Miningnut it was great to see at least one of the the EAF plants up and going. Another article below that may be of interest.


Cashed up in the Congo
Colin Jacoby
Thursday, 4 September 2008
Source: Miningnews.net

ANVIL Mining has set its sights on becoming a cashed up, mid-tier copper miner producing more than 100,000 tonnes of copper per year from its projects in the Democratic Republic of Congo from 2011.

Copper concentrate from Anvil Mining's African operations.

Speaking today at the Paydirt Africa Down Under Conference at the Sheraton Hotel in Perth, Anvil president and chief executive Bill Turner told delegates that the company has projected production of 100,000t copper from its three DRC projects – Dikulshi, Kinsevere and Mutoshi – from 2011.

“With the projects we have [in the DRC] we will achieve that,” Turner said.

Turner also said Anvil would look to complete its $C237 million ($A267.8 million) placement next month, which would fund the expansion at its Kinsevere and Kolwezi projects.

Anvil signed the agreement earlier this year for a private placement with investment house Catala Gold to own 25% of the outstanding shares of Anvil and, as a strategic partner, will have one board seat of six.

“This puts us in a strong position in terms of our balance sheet,” Turner said.

“It puts us in a position of $US420 million in cash and with no debt.”

In August, Anvil was forced to scale down the share placement from an initial proposed figure of $297 million due to deteriorating market conditions.

The cash will go towards the Kinsevere stage II expansion, the Kulu stage II solvent extraction-electrowinning (SX-EW) expansion and studies on an SX-EW facility at Kolwezi/Mutoshi.

The deal needs to be approved by Anvil’s shareholders at a meeting in October.


Meantime, Turner also said the company was looking to release new resource estimates for its flagship Kinsevere project and from its Mutoshi tenements in the fourth quarter 2008.

Turner said the $380 million Kinsevere stage II SX-EW expansion was currently in development with the upgrade expected to expand Kinsevere to 60,000 tonnes per annum of copper with potential for further expansion.

Anvil is looking to complete underground development work at its Dikulushi project, which is expected to produce 11,000t copper and 950,000 ounces of silver in 2008.

At its Mutoshi tenements, Anvil plans to complete studies for the construction of a 15,000tpa SX-EW plant at the tenements.

The Perth-based company announced a net income for the June quarter of $US8.5 million ($A9.84 million) compared to $35.4 million for the June quarter 2007 while concentrate sales for the June quarter totalled $59.8 million, down 9% from the June quarter 2007.

The Kinsevere project has a measured and indicated resource of 33Mt at 3.7% copper and an inferred resource of 18Mt at 3% copper.

The Dikulshi mine has a measured and indicated resource of 1.1Mt at 7% copper and 179gpt gold, and an inferred resource of 0.3Mt at 4.3% copper and 112gpt gold.

Anvil, which is listed on the Australian and Canadian stock exchanges, was unchanged at $8.08 in afternoon trade.