July 2021 | 50 pages | ID: MFDEB6A7ECDBEN BAC Reports
Metorex Limited owns and manages mining projects in South Africa. The companys mining projects include base-metal, gold, and industrial mineral mines. Business Operations Ruashi Mining sprl: Ruashi operates in copper and cobalt in Lubumbashi in the south eastern province of Katanga in the Democratic Republic of the Congo (DRC). Ruashi Holdings (Pty) Limited owns 75% of the operating company and 25% by the state-owned Gecamines. Chibuluma Mines plc: Chibuluma is situated in the Northern Zambias copper belt, west of Kitwe, near the town of Kalulushi. The company holds 85% and 15% is held by the Zambian Government and Zambia Consolidated Copper Mines Limited. The mine produces approximately 16,000 tons of copper per annum. It major customers include Republic House Limited; Konkola, and the Chambishi Copper Smelter. Sable Zinc Kabwe Limited: Sable Zinc Kabwe Limited is located near the town of Kabwe in the central province of Zambia, approximately 150 kilometres north of Lusaka. The operation comprises a copper and cobalt processing facility that treats concentrate purchased from various suppliers in Zambia and the DRC. Vergenoeg Mining Co (Pty) Limited: Vergenoeg Mining Co (Pty) Limited is situated 150 kilometers north of Johannesburg, Vergenoeg Mining Company (Vergenoeg). Vergenoeg is an openpit operation with a modern concentrator and magnetic separator. The company owns 55% of Vergenoeg. Minerales Y Productos Derivados S.A. (Minersa) provides Vergenoeg with advice on both metallurgical processes and international marketing. Minersa owns 30% of Vergenoeg Mining Co (Pty) Limited. Consolidated Murchison: Consolidated Murchison, a division of the company is a known antimony orebodies. The operation is situated at Gravelotte, in the Limpopo Province and produces both antimony and gold. Antimony is used for flame retardants but has various commercial applications in plastic, fabric, and electronic printed circuit boards. Pan African Resources plc Barberton Mines (Pty) Ltd: Barberton Mines is situated 25 kilometers southeast of the town of Nelspruit, the main business hub of the Mpumalanga Province in South Africa and 10 kilometers outside the town of Barberton. Gold is produced from the Fairview, Sheba, and Consort sections.
4.1. Financial Statements4.1.1. Income Statement4.1.2. Balance Sheet4.1.3. Cash Flow4.2. Financial Ratios4.2.1. Profitability4.2.2. Margin Analysis4.2.3. Asset Turnover4.2.4. Credit Ratios4.2.5. Long-Term Solvency4.2.6. Growth Over Prior Year4.2.7. Financial Ratios Charts4.3. Stock Market Snapshot
5.1. Metorex Ltd. Direct Competitors5.2. Comparison of Metorex Ltd. and Direct Competitors Financial Ratios5.3. Comparison of Metorex Ltd. and Direct Competitors Stock Charts5.4. Metorex Ltd. Industry Analysis5.4.1. Metals and Mining Industry Snapshot 5.4.2. Metorex Ltd. Industry Position Analysis
Metorex Ltd. Annual Revenues in Comparison with Cost of Goods Sold and Gross ProfitProfit Margin ChartOperating Margin ChartReturn on Equity (ROE) ChartReturn on Assets (ROA) ChartDebt to Equity ChartCurrent Ratio ChartMetorex Ltd. 1-year Stock ChartsMetorex Ltd. 5-year Stock ChartsMetorex Ltd. vs. Main Indexes 1-year Stock ChartMetorex Ltd. vs. Direct Competitors 1-year Stock ChartsMetorex Ltd. Article Density Chart
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Metorex Ltd. Key FactsProfitabilityManagement EffectivenessIncome Statement Key FiguresBalance Sheet Key FiguresCash Flow Statement Key FiguresFinancial Performance Abbreviation GuideMetorex Ltd. Key ExecutivesMetorex Ltd. Major ShareholdersMetorex Ltd. HistoryMetorex Ltd. ProductsRevenues by SegmentRevenues by RegionMetorex Ltd. Offices and RepresentationsMetorex Ltd. SWOT AnalysisYearly Income Statement Including TrendsIncome Statement Latest 4 Quarters Including TrendsYearly Balance Sheet Including TrendsBalance Sheet Latest 4 Quarters Including TrendsYearly Cash Flow Including TrendsCash Flow Latest 4 Quarters Including TrendsMetorex Ltd. Profitability RatiosMargin Analysis RatiosAsset Turnover RatiosCredit RatiosLong-Term Solvency RatiosFinancial Ratios Growth Over Prior YearMetorex Ltd. Capital Market SnapshotMetorex Ltd. Direct Competitors Key FactsDirect Competitors Profitability RatiosDirect Competitors Margin Analysis RatiosDirect Competitors Asset Turnover RatiosDirect Competitors Credit RatiosDirect Competitors Long-Term Solvency RatiosMetals and Mining Industry StatisticsMetorex Ltd. Industry PositionCompany vs. Industry Income Statement AnalysisCompany vs. Industry Balance Sheet AnalysisCompany vs. Industry Cash Flow AnalysisCompany vs. Industry Ratios ComparisonMetorex Ltd. Consensus Recommendations1Analyst Recommendation Summary1Price Target Summary1Experts Recommendation Trends1Revenue Estimates Analysis1Earnings Estimates Analysis1Historical Surprises1Revenue Estimates Trend1Earnings Estimates Trend1Revenue Revisions1
PESTEL (also termed as PESTLE) is an ideal tool to strategically analyze what influence different outside factors political, economic, sociocultural, technological, environmental and legal exert on a business to later chart its long term targets.
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The Internal Factor Evaluation matrix (IFE matrix) is a strategic management tool helping audit or evaluate major weaknesses and strengths in a businesss functional areas. In addition, IFE matrix serves as a basis for identifying and assessing relationships amongst those areas. The IFE matrix is utilised in strategy formulation.
The External Factor Evaluation matrix (EFE matrix) is a tool of strategic management that is typically utilised to assess current market conditions. It is an ideal instrument for visualising and prioritising the threats and opportunities a firm is facing.
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JOHANNESBURG (miningweekly.com) South African miner Metorex will complete an updated geologically constrained resource model, mine design and schedule for its flagship Ruashi mine, in the Democratic Republic of Congo (DRC), by mid-August, the group reported on Monday.The full cost of the programme was estimated at around $1,88-million.The urgency of this project is driven by a need to gain certainty in the short-term plan, and to review the mine design using revised copper and cobalt consensus forecast prices to limit possibly unnecessary overburden stripping, said Metorex CEO Terence Goodlace in a statement.Additionally, it will provide a foundation for reviewing the medium-term ramp-up and the Ruashi ore resource and mineral reserve statement, as at June 30, 2009, as required by JSE reporting regulations.In January, Metorex started an infill reverse circulation (RC) drilling programme at Ruashi, focusing on shallow mineralisation of the northern portion of the Ruashi 1 pit, in order to improve confidence in the geological and orebody interpretation and to enable moving the Ruashi 1 resource into the measured category.About 47 RC holes have been completed for a total of about 1 620 m, and final assay results from this programme would be returned within the next month. Metorex also started a diamond-core drilling programme of 5 160 m in early April, targeting areas of low confidence in the geological interpretation and grade estimation of the Ruashi 1, 2 and 3 pit resources. The drilling prgoramme would be completed by the end of next month, with core logging, sampling and assay activities running concurrently, the miner reported.COPPER, COBALT OUTPUT UPIn its operational update for the March quarter, Metorex reported that copper production had increased by 0,5% to 7 316 t, and that copper sales had risen by 1,7% to 7 534 t.The improved performance was driven by increased production out of Ruashi, but was offset by lower output at the Sable mine, in Zambia, as a direct result of a lack of third party ore. The tonnage milled at Ruashi increased by 40% to 143 000 t at an average blended copper head grade of 2,63% and a blended cobalt head grade of 0,59%. Tonnage feed was made up of ore from the open pits, stockpiles and old tailings facilities. The company reported that the Ruashi mill circuit was affected by a ten-day planned shutdown for relining, which had a negative impact on tonnage throughput. Ruashi continued to improve output and it is pleasing to report that the mine produced 1 500 t of copper in April 2009, in line with actions that have been aimed at increasing plant availabilities and debottlenecking key areas of the metallurgical process. The mine tonnage volumes from the Zambian operation, Chibuluma, decreased for the quarter as a result of a safety and mining cycle review. Metorexs cobalt output rose by 92% to 165 t in the three-months ended March. The company stated that the Ruashi mines cobalt production continued to ramp-up and that the quality of the product continued to improve.In April, Ruashi produced 150 t of contained cobalt at a quality, which Metorex said was approaching specification requirements.However, cobalt sales declined in the quarter, as a result of timing differences.Meanwhile, Metorex reported lower fluorspar production, owing to a drive to produce a higher-quality product and as a result of power outages in South Africa, where its fluorspar mine, Vergenoeg, is located. Tonnage throughput remained at 150 000 t a quarter and feed grades were consistent at 40% fluorite, however, acidspar recoveries have reduced from 73% to 63% as a result of the new magnetic separation circuit commissioned, aimed at reducing iron contamination in the concentrate. The circuit was commissioned in the December quarter.The company said that the market for fluorspar remained tight and that the Vergenoeg mines acidspar sales have not yet been fully committed for the 2009 calendar year. Gold production at Consolidated Murchison, in South Africa, was also affected. Antimony production declined owing to the scaling back of operations, reduced output from the Beta shaft and poor recoveries at Consolidated Murchison. The Beta shaft winder was affected by a lightning strike during January 2009, but this was rectified during March 2009. The poor recoveries for the quarter were primarily a result of a breakdown of one of the primary mills in the circuit as well as the high level of plant stoppages. The company reported that the reopening of the Beta shaft, along with full mill availability would improve production. Consolidated Murchison was implementing a turn-around plan in an attempt to stave off closure, and sales of antimony have improved on the back of increased demand and improved pricing.Meanwhile, Metorex has stated that Consolidated Murchisons historic gold hedging contract losses have been crystallised at R41-million, down from a level of R52-million previously reported. This debt will now be repaid on November 30, 2009.Chibuluma also had a $36-million term loan with Standard Chartered Bank and Metorex reported that the debt facility agreement has been successfully restructured. The first installment has now been deferred from March 31, 2009 to September 30, 2009, and the facility is repayable over nine semi-annual installments.CRC RIGHTS OFFERFurther, Metorex stated that Copper Resources Corporation (CRC), in which Metorex owned a 50,3% stake, had pursued a rights offer to provide it with working capital. In addition to a very small number of shareholders, Metorex participated in the rights offer by converting a portion of its CRC loan into equity, which resulted in it holding 87% of the enlarged issued share capital of CRC. However, the rights offer failed to inject sufficient fresh capital into CRC and an equity partner was now being sought for this project. At the end of last month, Metorex announced at that it had started legal proceedings against Aim-listed Central African Mining & Exploration (Camec), in the amount of 86,3-million, for breaching Article 56A of CRCs articles of association.The company is suing Camec for failing to make a mandatory offer for CRC, but Camec bought a sizeable stake in the second quarter of last year.In May last year, Camec bought shares in CRC that, at the time, represented 47% of the company. Under CRC's articles of association, any party that buys more than 30% of the firm's shares is required to extend an offer to the holders of the balance of the shares in the company. After Camec failed to make the obligatory offer, CRC announced on December 10 that it had disenfranchised Camec as a shareholder.
CORPORATE OFFICE The Company has its headquarters in Johannesburg, South Africa, from which it provides management and technical services as well as housing a Commercial Services division which provides procurement, supply chain and financial services to the Metorex Group companies.
Ruashi is a copper and cobalt mine in Katanga province, located within the Democratic Republic of Congo. This mine is made up of three open pits, along with a modern solvent extraction electro-winning processing plant. Ruashi Mining started production way back in 1911. In 2005, this company was registered as a DRC company, being developed in two phases, namely:
Phase 1 constituted the construction of the concentrator to treat oxide stockpiles, with a life span of approximately four years. The flotation plant was constructed to treat stockpiles during this phase.
Phase 2 saw the mining of the Ruashi opencast orebody. This phase involved the construction of an expanded concentrator, the acid leaching section, along with a solvent extraction plant for the production of copper and cobalt metal on site.
The completion of the construction of the Sulphuric Acid/Sulphur Dioxide Combination Plant was imperative due to the increased usage of acid and SMBS resulting from the high production costs of copper and cobalt at the Ruashi Mine. The benefits of this, resulted in improved cobalt quality, along with increased copper quality and the current efficiency. The heat generated throughout this process is used to wash the tanks to improve the washing efficiency for optimal sulphate removal and improvements to the cobalt precipitation performance. Through all of this, the mine places a huge emphasis on safety.
The drying of the cobalt hydroxide to reduce the cost of transport, involves the installation of three agitated spin flash driers. This, in essence, reduces the mines reliance on electricity and the mine benefits from the lower operating costs. Ruashi Mining currently produces 38 000 tones of Copper and 4400 tons of Cobalt per annum.
Metorex is proving its credentials across a number of assets in the DRC and Zambian copper belt to reaffirm its status as an established mid-tier mining Group with a concerted focus on long-term profitability.
Uniquely positioned in the Southern and Central African base metals mining industry as a pure copper and cobalt investment, the business in its current guise represents more than 40 years of evolution and, following an acquisition by Jinchuan Group International Resources Co Ltd in 2013, the Company has even more clout to add to its innovative and sustainable strategy.
The wider Group structure as it exists today instils Metorex as an arm of Jinchuan Group subsidiary, Jinchuan International (HK Listed), and while this has added a number of vital strings to the Companys bow, it has simply complemented a philosophy and operational excellence that had long prior existed within the business.
The Metorex vision is to grow a competitive and sustainable African-focused base metal mining Company and build a business development platform and operation base of Jinchuan based in Southern Africa, the Company states. To grow a Company that offer opportunity for the development of our employees and communities, delivering to shareholders expectations and contributing to the development of our world.
This ethos emanates throughout the Companys day-to-day missions also, incorporating considerations that apply to both its industrial works within the mines, and the wider impacts the business has on its people, the environment and the surrounding communities.
The Company notes: The Metorex mission is to operate and optimise existing mines and assets; through new mine development, exploration and technical improvements, to realise preservation and appreciation of assets; to produce copper and cobalt products in line with quality specifications; to realise Company growth in order to maximise shareholder interests; to ensure harmonious relationships between employees, communities, government and society; and to create zero harm.
Comprising the Ruashi Mine, Kinsenda Mine, Musonoi Project and Lubembe Exploration in the DRC - and the Chibuluma Mine and Chifupu Project in Zambia - Metorex is continuously proactive in acquiring lucrative assets while reviewing potential opportunities in the future, in sub-Saharan Africa.
We are a group of senior executives who routinely evaluate and assess opportunities to expand our business, Group Projects Manager, Vic Fitzmaurice explains in regards to Metorexs project identification strategy. Key projects at present include the re-opening and re-capitalisation of the Kinsenda Mine in the DRC, which will be in production in 2017.
We are also developing the Musonoi project, a cobalt copper project in Kolwezi, DRC, which has passed the definitive feasibility study stage, and is being prepared for final optimisation and front end engineering design.
Good operational management is the key differentiator underpinning the success that Metorex has enjoyed across each of its projects over the decades according to Fitzmaurice; and this is certainly epitomised in pure scale terms when looking at its trademark mining operations.
This mining area is located south of Chibuluma in Zambia. Mine production in Chibuluma began in 1955 and currently has a current equivalent annual production capacity of approximately 19,000 tonnes of Copper in the form of concentrate, the Company details. The mine currently extracts ore from an underground operation feeding an efficient well run concentrator.
Metorex continues: Ruashi is a copper and cobalt mine in Katanga province, located within the Democratic Republic of Congo. This mine is made up of three open pits, along with a modern solvent extraction electro-winning processing plant. Ruashi Mining started production way back in 1911. In 2005, this Company was registered as a DRC Company, being developed in two phases.
Phase 1 embraced the construction of the concentrator to a life-span of approximately four years, while Phase 2 catered for the mining of the Ruashi opencast ore body; including the construction of an expanded concentrator, the acid leaching section, and a solvent extraction plant for the production of copper and cobalt on-site.
The Musonoi Project is also located in the DRC, on the outskirts of the mining town of Kolwezi, Metorex explains. The project area contains at least two known mineralised zones, one of which (known as Dilala East) was discovered as a blind, high grade copper and cobalt deposit in 2007.
Following the initial discovery of the high grade mineralised zone, the property has been extensively drilled and has a declared mineral resource of 31.7 million tons at a grade of 2.8 percent copper and 0.9 percent cobalt. The mineral resource has been defined to a depth of 600 metre below surface and indications are that the ore body is open to approximately 1,000 metres below surface.
The mines around Kolwezi have produced more than 400,000 tonnes of copper per annum in recent years, capitalising on local skills, favourable logistical conditions, and specialist consultants deriving from areas of environmental impacts and on-site technical skills.
Metorex notes: The Kinsenda Project currently ranks as one of the worlds highest grade copper deposits with declared mineral resources of 20.7 million tonnes at a grade of 5.6 percent copper. Kinsenda is situated within the Democratic Republic of Congo, near the border town of Kasumbalesa.
The mine has seen a rapid rise to prominence and productivity following the completion of the bankable feasibility study in 2012; immediately followed by development in 2013 and mining operations incepting in late 2015.
Using cut and fill mining methods, the easy access to infrastructure in the area has made it one of Metorexs key projects and a subsequent exploration of further volumes of inferred mineral resources to the east of the main area is set to add another eight years onto the mines overall lifecycle.
A 2012 scoping study - compounded by a 2014 feasibility study - kick-started this mines development and the potential to mine mixed sulphide and oxide ores to a mineral resource of 93 million tonnes at a grade of 1.9 percent copper. Using open pit methods, the copper-based minerals will be recovered via flotation.
In the second step of processing, the concentrate will be subjected to ferric and acid leaching to produce an electrolytic solution from which copper cathodes will be produced by electrowinning methods. The Company says.
These renowned projects represent more than 40 years of development for Metorex, but it was 2011 where the modern-day Company began to take shape following the announcement of Jinchuan Groups intention to acquire the business.
And since this deals completion two years later, the Company has gone from strength to strength, not only in identifying the most lucrative possible mining projects, but in bringing unrivalled innovations, efficiencies and expertise to the fore.
Improving throughputs, removing operational bottlenecks, and cost reduction initiatives across our operations and head office have been the basis of our continuous improvement strategy over the years, and this also includes areas of supply chain management where there continues to be a focus on central procurement and Sino-based engineering and suppliers to reduce costs, Fitzmaurice explains.
The Company continues: Human Capital bases its foundation on the Metorex strategy which defines the vision and values of the organisation which is enabled through the strategic anchors defined for the organisation.
A commitment to effective leadership, employee development, mutual respect, human dignity, and motivational empowerment compounds its overall human capital ethos, and is also backed up by a sincere sense of accountability within Metorex.
We seek to grow our Company and our people, focusing on stability, sustainability and value, it says. We do everything to the best of our ability, acting in a professional way, leading by example and continuously improving ourselves and the Company.
The last - but by no means least - value revolves around zero harm, entailing concerns towards workers, the environment, the community and health & safety aspects; once again emphasising Metorexs drive to not only be profitable and productive, but to do so in a way that will remain sustainable long into the future.
Cost curve management, productivity improvements, and initiatives to remain profitable remain imperative, Fitzmaurice concludes. And this contributes to our differentiator which is our long-term vision and our belief in the copper and cobalt market fundamentals, backed up by strong shareholder support.
Over the next few years, we now expect to see the successful operation of the Kinsenda mine, the start of construction of the Musonoi cobalt and copper project, the start of construction of the Ruashi III expansion project, and the unveiling of a significant new asset acquisition.
Chibuluma Mines Plc, a copper mining company, which is a subsidiary of METOREX LIMITED, is one of the first two copper mining companies to be privatised in 1997. Metorex Limited acquired 85% of the shares with ZCCM Investments Holding Plc holding the remaining 15%. The company operates the Chibuluma South and Chifupu ore bodies. The Company is located in Lufwanyama District. Metorex Limited is part of the JINCHUAN Group.
In 1951, the Roan Selection Trust Limited decided to open up the Chibuluma (East) deposit which was the first deposit to be discovered on the Copperbelt by scientific means and was intersected by drilling in 1939.
The Chibuluma Mine South ore body was discovered in 1969 by Roan Selection Trust (RST). A total of 113 diamond drill holes were drilled in the area, of which 77 drill holes intersected the Chibuluma South ore body. Ore body intersections were spaced between 75 and 150m apart. Metorex drilled three twin holes in 1999 and verified the thickness and grade of the ore body as defined by the historical drilling.
Following the 1968 Reforms the government of the Republic of Zambia (GRZ) declared its intention to acquire equity holdings (usually 51% or more) in a number of key foreign-owned firms. By 1970, GRZ had acquired 51% in the RST mines and formed Roan Consolidated Mines Limited (RCM).
In 1982 RCM was merged with Nchanga Consolidated Copper Mines Limited (NCCM), formerly Anglo American controlled to Form Zambia Consolidated Copper Mines Limited (ZCCM) with GRZ holding 60.28% interest.
In the 90s GRZ commenced privatizing its mining assets and the Chibuluma assets were sold to Metorex ltd, a South African mining company. GRZ retained a 15 % shareholding in the new company Chibuluma Mines plc.
Lufwanyama District remains relatively underdeveloped in terms of infrastructure. Road conditions, sanitation systems and electrification rates lag behind conditions witnessed in the urban centres of the Copperbelt, including Kalulushi. Beyond Chibuluma Mine operations, the economy is dominated by subsistence agriculture and trading.
Kalulushi emerged as a planned company town with the development of mining at Chibuluma West and East in the mid-20th century. Economic activity in Kalulushi (as well as the surrounding area) declined severely with the closure of both sites. The Chibuluma Mine site represents, by far, the largest new investment in the area during the post-ZCCM era.
The thickness of the orebody varies from 2m on the fringes to 45m in the central part. The primary copper mineralization is bornite and chalcopyrite. Chalcocite and malachite are secondary with the later confined to upper levels.
The mineralization is hosted in Lower Roan Group in coarse grained quartzite called the Orebody Quartzite(OBQ). The unmineralised part of the quartzite is called the Footwall Quartzite(FWQ) which overlies the Granite of the Basement Complex.
Production commenced at 10,000 tonnes of ore in July 2005 ramping up to 40,000t in July 2006 and 50,000t/month in 2008. Production reached its peak in F2014 when the mine produced 596,821t. Combined production from Chibuluma South and from Chifupu has since reduced to about half from F2016 following the business restructuring carried out in 2015/2016.
Upon closure of the Open Pit Mine in 2001, portal mining commenced in 2003 in order to exploit underground sulphide ore. In order to separate Underground from Open Pit, which was closed in 2001, a Crown Pillar was left for both safety as well as avoid waste migration from Open Pit into underground operations. Production commenced on 71mL as the main level by Room and Pillar and continued to 600mL, which was the lowest level.
Crown Pillar mining has been contracted to Hongtoushan and mining activities commenced on the south in July 2018 with overburden removal. Ore production commenced in Aug 2018. Mining is currently 35metres below surface (1215amsl). Crown Pillar Mining will commence on the North once underground operations cease and surface fans supporting underground ventilation system are decommissioned. The reserve in the Pillar is expected to be depleted by F2020
The Chifupu Mine is located within the Chibuluma South Mine License area. The Project is aimed at exploiting the Chifupu Copper deposit located about 1.5 km south of the current Chibuluma South Mine. Chifupu Mine is trackless and highly mechanised. The mining method employed is Long Hole Stoping with fill. Access to underground is through a portal.
The Chifupu deposit was discovered by Roan Selection Trust (RST) in 1967 through a combination of auger and diamond drilling. In 1969, RST discoevered the Chibuluma South Orebody as a strike extent of the Chifupu deposit.
The Chifupu orebody occurs over a strike length of 150 m, dipping at approximately 40 towards the north-west and consists of two ore bodies, each approximately 9m in width, separated by a waste parting of 20 m to 30 m. Drilling has defined the orebody to a maximum depth of 700 m; indications are this orebody remains open at depth.
The Chifupu Copper mining project was approved in 2013 following a detailed feasibility study. Mine development works commenced in 2013. In 2014 the feasibility study was revised to furher optimise the technical and commercial aspects of the project.
A wholly owned Chibuluma Mines Plc subsidiary LMMTS was incorporated as a Zambian Registered Company on 27 June 2017. This company was set up to be a one-stop shop of mining projects and services including manufacture and trading (marketing) of mining and minerals processing requisites which meet all quality requirements at an optimum cost whilst generating adequate resources to sustainably grow the business and meet the aspirations of all stakeholders.
The company shall start as a simple business with performance based compensation packages and progressively develop from an easy business to a large and complex one. Initial business activities will be in mining and construction at Chibuluma and Chifupu and other mines outside the Metorex group in the areas of: