http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Mon, 24 Sep 2018 19:36:09 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Nzuri Copper's updated Kalongwe copper-cobalt project study features robust financial metrics ]]> http://www.proactiveinvestors.com.au/companies/news/195009/nzuri-copper-s-updated-kalongwe-copper-cobalt-project-study-features-robust-financial-metrics-195009.html Nzuri Copper Ltd (ASX:NZC) has released an updated feasibility study (FS) for the proposed stage I development of its flagship 85%-owned Kalongwe Copper-Cobalt Project.

The project is in the Kolwezi region of the Democratic Republic of Congo (DRC).

The updated stage 1 FS was based on revised pricing, reflecting continued increases in the cobalt price, and point-of-delivery.

Results reinforce economic and technical merits

The results have further reinforced the project’s financial and technical merits, delivering significantly enhanced financial returns.

All production targets and forecast financial outcomes for stage I are 100% underpinned by ore reserves.

Chief executive officer Mark Arnesen said: “The Kalongwe Copper-Cobalt Project continues to go from strength to strength.

"The updated stage I feasibility study has delivered an impressive pre-tax net present value of US$186 million, a 99% internal rate of return and increased ore reserve which now underpins an 8-year mine life.

"This incorporates updated, though still conservative, cobalt pricing assumptions.

"It is also based on an enhanced point-of-delivery at Kolwezi based on advanced discussions with potential off-takers completed since the 2017 feasibility study."

Increased ore reserve and cobalt contribution

Since the last study was completed the reserve has increased to about 8 million tonnes at 2.94% copper and 0.34% cobalt.

Revised mine planning from the FS update has resulted in an increase of cobalt only mineralised material stockpiled in Stage1.

This has increased from 900,000 tonnes to 1.6 million tonnes grading 0.57% cobalt.

Open pit mining

The FS is based on an open pit mining operation utilising an on-site 1 million tonnes per annum DMS (Dense Media Separation) processing plant.

This should produce two high-quality dry saleable concentrate products suitable as a feedstock for off-site SX-EW processing. 

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Mon, 16 Apr 2018 15:31:00 +1000 http://www.proactiveinvestors.com.au/companies/news/195009/nzuri-copper-s-updated-kalongwe-copper-cobalt-project-study-features-robust-financial-metrics-195009.html
<![CDATA[News - Nzuri Copper hits high-grade copper and cobalt near flagship DRC project ]]> http://www.proactiveinvestors.com.au/companies/news/191535/nzuri-copper-hits-high-grade-copper-and-cobalt-near-flagship-drc-project-191535.html Nzuri Copper Ltd (ASX:NZC) has received high-grade copper and cobalt hits from drilling at the Fold & Thrust Belt Joint Venture in the Democratic Republic of Congo (DRC).

Results from Monwezi 2 target confirm the near-term potential to define additional resources within economic haulage distance from Nzuri’s flagship Kalongwe Copper-Cobalt Project.

The shallow copper enrichment also indicates open pit mining potential.

20.2 metres grading 1.85% copper

Recent drilling has returned the best intersection returned to date from this area with a thick zone of 20.2 metres grading 1.85% copper from 47 metres.

This included a high-grade zone of 7.5 metres at 2.39% copper with best 1-metre samples of up to 7.7% copper also returned.

High-grade cobalt intersections

Nzuri also received new high-grade cobalt intersections from the first diamond drill hole at the Monwezi 7 target.

These included 3 metres at 0.11% cobalt from 34 metres, 2 metres at 0.23% from 62 metres, 8 metres at 0.2% from 71 metres and 8.6 metres at 0.17% from 103 metres.

READ: Nzuri Copper bags funds from US$8 billion Chinese cobalt player

The Monwezi Target Area is between 2 and 5 kilometres directly along strike from Kalongwe, which is in the Western Katangan Copperbelt.

The Fold & Thrust Belt Joint Venture is near Nzuri’s Kalongwe project.

Drilling and trenching have confirmed that the mineralisation at Monwezi 2 starts from close to surface and extends over a strike length of circa 300 metres to a vertical depth of at least 150 metres.

Systematic drilling planned

A systematic drilling program is planned at Monwezi 2 as part of Nzuri’s 2018 exploration program.

This will initially include four step-out holes along strike leading to a resource drill-out and mineral resource estimation.

A series of trenches are being excavated to provide geological control ahead of the diamond drilling.

Joint venture with Ivanhoe

Nzuri and Ivanhoe Mines Ltd (TSX:IVN) signed a joint venture for the Fold & Thrust Belt project in April 2015 and Nzuri has the ability to acquire a 98% interest.

The project lies to the south of Ivanhoe’s world-class DRC projects. 

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Tue, 13 Feb 2018 09:26:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191535/nzuri-copper-hits-high-grade-copper-and-cobalt-near-flagship-drc-project-191535.html
<![CDATA[News - Nzuri Copper bags funds from US$8 billion Chinese cobalt player ]]> http://www.proactiveinvestors.com.au/companies/news/189748/nzuri-copper-bags-funds-from-us8-billion-chinese-cobalt-player-189748.html Nzuri Copper Ltd (ASX:NZC) has received the second and final tranche of $3.36 million from Huayou Cobalt to advance its portfolio of copper-cobalt projects in the Democratic Republic of the Congo (DRC).

The first tranche, comprising the issue of shares worth circa $6.64 million, was completed on 19 December 2017.

READ: Nzuri Copper receives funding package from US$8 billion Huayou Cobalt subsidiary

Huayou Cobalt has established copper and cobalt operations within the DRC and is listed on the Chinese stock exchange with a market capitalisation of circa US$8 billion.

The strategic cornerstone investment of $10 million by Huayou Cobalt through Huayou HK has now been completed.

Nzuri intends to use the proceeds for ongoing development and optimisation studies on its flagship Kalongwe Copper-Cobalt Project in the DRC.

The company will also investigate the prospect of using a solvent extraction-electrowinning process (SXEW) which has the potential to produce pure copper onto cathodes.

This would be a distinct advantage if the company could establish such a facility as it could provide the opportunity to produce high purity cathode on site.

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Wed, 10 Jan 2018 07:36:00 +1100 http://www.proactiveinvestors.com.au/companies/news/189748/nzuri-copper-bags-funds-from-us8-billion-chinese-cobalt-player-189748.html
<![CDATA[News - Nzuri Copper receives funding package from US$8 billion Huayou Cobalt subsidiary ]]> http://www.proactiveinvestors.com.au/companies/news/188769/nzuri-copper-receives-funding-package-from-us8-billion-huayou-cobalt-subsidiary-188769.html Nzuri Copper Ltd (ASX:NZC) has secured a cornerstone $10 million strategic investment by Huayou Cobalt through Huayou HK to advance its portfolio of copper-cobalt projects in the Democratic Republic of Congo (DRC).

This would include expansion and optimisation studies on the company’s flagship Kalongwe copper-cobalt project.

Huayou Cobalt has established copper and cobalt operations within the DRC and is listed on the Chinese stock exchange with a market capitalisation of circa US$8 billion.

Investment encompasses placement and convertible loan

The investment is at a price of $0.2507 per share, a discount to Nzuri’s closing price on the previous day of $0.36.

The placement will raise circa $6.6 million through the issue of 26.5 million shares.

The remaining funds will be in the form of a convertible loan which will be transferred into shares upon the receipt of prior shareholder approval.

Funding arrangement to be completed by January

The placement is due to be completed on or before December 20, while the company is due to receive loan funding through the convertible note on or before January 10, 2018.

The likelihood of approval appears sound given that Nzuri’s largest shareholder (57.4%), Tembo Capital has provided the company with a written statement confirming its intention to vote in favour of the placement and the issue of the convertible note.

Funds to be used for test work, scoping study and early-stage development

The capital raised will be used to investigate the prospect of using a solvent extraction-electrowinning process (SXEW) which has the potential to produce pure copper onto cathodes.

This would be a distinct advantage if the company could establish such a facility as it could provide the opportunity to produce high purity cathode on site.

There are also expected to be funds available to assist in early-stage development activities at the Kalongwe copper-cobalt project.

While some funds will be set aside for working capital, there is also scope to partly finance exploration activity.

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Thu, 14 Dec 2017 14:26:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188769/nzuri-copper-receives-funding-package-from-us8-billion-huayou-cobalt-subsidiary-188769.html