Name and Location
Omitiomire oxide project, Namibia.

Client
Craton Mining and Exploration, a wholly owned subsidiary of International Base Metals Limited (IBML).

Project Description
IBML has planned a two-stage approach to bring Omitiomire into production.

In late 2013, a successful definitive feasibility study (DFS) was completed on the Phase 1 oxide copper project.

The company plans initial mining based on three small pits located on near-surface oxide and mixed oxide-sulphide copper. The plan is to mine slightly more than three-million tonnes averaging 0.6% copper as oxide copper and 0.33% copper as sulphide copper.

The planned processing plant throughput is 40 000 t/m.  The initial ore feed will be entirely oxide copper material.  This will be processed using acid leach – solvent extraction – electrowinning to produce cathode copper (mainly 99.99% copper).  Increasing amounts of chalcocite will be extracted as mining progresses.  This will be processed using a flotation to produce copper concentrate (about 30% copper).

The total copper produced during the operation is planned to be 25 570 t.

In Phase 2 Craton plans to develop a larger project based on the deeper sulphide copper resource at Omitiomire and other copper resources, which might be discovered within trucking distance of Omitiomire.  This project will require a separate DFS, separate social- and environmental impact assessment, a separate mining plan and separate environmental management programme.

Net Present Value/Internal Rate of Return
Phase 1 of the project has a  net present value, at a discounted rate of 10%, of  $12-million and an internal rate of return of 21.6%.

Value
Not stated.

Duration
Not stated.

Latest Developments
The Namibian Ministry of Mines and Energy has issued a mining licence for the oxide project for a period of 20 years from September 22, 2014, with Craton accepting the terms and conditions related to the granting of ML183.

The granting of the mining licence is an important step towards developing a modest‐sized initial operation at Omitiomire, mining and processing oxide copper ore and mixed oxide‐sulphide ore, which the feasibility study demonstrated can be economically viable.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
IBM, tel +61 2 8223 3777, fax +61 2 8223 3799 or email office@ibml.com.au.