Name of the project and location
Kipushi zinc-copper project, Democratic Republic of Congo (DRC).

Project description
The Kipushi mine is a world-class zinc and copper deposit, with a measured and indicated resource of 16,9 million tons at an average grade of 16,7% zinc and 2,32% copper. The deposit is open along strike and down dip. Zinc and copper were produced at the mine from 1925 to 1993, but production ceased because of a lack of foreign currency and operating supplies.

Value
The total investment will be between $350-million and $400-million.

Duration
The reassessment was expected to be completed by November 2006.

Breakdown of main contracts
Not stated.

Client
DRC’s State-owned copper and cobalt mining company, Gécamines.

Latest developments
Gécamines has announced that United Resources might invest as much as $400-million in the Kipushi mine.

United Resources, a group of financial companies, won the tender because it offered Gécamines a 37% stake in the project, more than any other bidder.
The tender was awarded to United after Gécamines scrapped its agreement with South Africa’s Exxaro Resources and Vancouver-based First Quantum Minerals.

Gécamines called for tenders to develop Kipushi after announcing in August 2006 that it had dropped Exxaro’s and First Quantum’s project rights.
Exxaro and First Quantum are challenging the action in court.

Participants
United Resources, Exxaro and First Quantum.

Construction materials
Not stated.

On budget and on time?
Not stated.

Contact details for project information
Gécamines, tel +243 99 70 47 135 or +243 81 99 71 061.