JOHANNESBURG (miningweekly.com) – About 60% of the bulk earthworks at copper producer Tiger Resources’ Kipoi Stage 2 solvent extraction and electrowinning (SX-EW) plant development project, in the Democratic Republic of Congo (DRC), has been completed.
Construction on the SX-EW started on January 16 and was on schedule for first production of copper cathode in mid-2014.
The company said progress was being made with site works and civils, with a 70-man construction camp having been erected, and permanent site accommodation units nearing completion.
Civil works for the laydown area were completed and awaiting fencing, and the pad area for a 5 MVA electrical substation was complete.
Further, lump sum turnkey contracts had been executed with principal contractor Senet for the supply of the SX-EW plant, an agglomerator and a stacking conveyer system.
Additional fixed-price contracts had been executed for the accommodation facilities, power supply and reticulation and earthworks, and for the supply and installation of the heap leach pads.
Tiger said in a statement on Tuesday that the necessary documentation and approvals process for an $80-million Export Credit Insurance Corporation (ECIC) standby term loan facility were progressing well.
Site visits had been undertaken by the mandated arranging banks, Nedbank Capital and Rand Merchant Bank, and by the nominated independent technical expert.
Execution of the $30-million facility, which was to be made available by Nedbank Capital and Rand Merchant Bank in advance of the ECIC standby term facility, was advancing, with legal negotiations on the facility agreements currently in progress.
The facility remained subject to the lender’s credit committee approvals, with first drawdown immediately available after the satisfaction of customary conditions precedent.
Meanwhile, the Stage 1 heavy media separation plant at Kipoi continued to generate the cash flow required to meet the SX-EW capital expenditure, with March 2013 delivering a new monthly production record of 4 007 t of copper – 37% above nameplate capacity.
Production for the March 2013 quarter of 9 488 t of copper in concentrate exceeded guidance by 3%.