11th Nov 2013 11:20
LONDON (Alliance News) - Berkeley Mineral Resources PLC Monday said initial production at its Kabwe site will be of copper oxide cement, with a total annual operating profit expected to around USD3 million per year.
The AIM-listed resource company with operations in Zambia said the site, where operations are conducted by its 100% owned Zambian subsidiary Enviro Processing Ltd., is expected to be approved by the Zambian Environmental Management Agency for operations within the next two months.
The company said the input of processing the copper feedstock material is expected to be at an initial rate of 1,000 tonnes per month, before ramping up to the full capacity of the plant of 3,000 tonnes per month over an estimated six month period.
As a result, Berkeley has budgeted for an annual operating profit at Kabwe of roughly USD3 million per year or USD250,000 per month.
The company said the initial copper cement plant is expected to be operational within the next two to three months, with production increasing quickly to some 120 tonnes per month which will provide Berkeley with its first cash-flow.
Copper tailings are ground rock and process waste generated in a mine processing plant. The physical and chemical characteristics of the slurry which is recovered and the methods of handling and storage are controversial.
Berkeley Mineral Resources shares were down 0.7% to 2.31 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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