[miningmx.com] — Diversified mining group Metorex on Thursday declared a resources estimate of 1.5 million tonnes of copper at its Lubembe deposit in the Democratic Republic of the Congo.
The Lubembe deposit lies south of Kinsenda in southern Katanga Province.
The Kinsenda and Lubembe permits are held by the Kinsenda Copper Company,
which is effectively 77% held by Metorex.
While the Kinsenda permit comprises the Kinsenda Mine, a brownfields site having
been operational up to the early 1990s and the Kinsenda prospecting permit, the
Lubembe Mining permit is a greenfields copper prospect.
“We are encouraged by the outcome of the resource estimate at Lubembe with total contained copper of over 1.5 million tonnes,” said Metorex CEO, Terence Goodlace.
“In line with our base metals growth strategy, we will continue to advance the pre-feasibility study to establish the viability of building a large scale operation at
Lubembe,” he said.
Shares in Metorex closed 1.80% or 6c up at R3.40 on the JSE. The stock has gained 3.03% or 10c this month to date.