Central Copper Resources, a company focused on delivering a high grade copper project into production and exploration of assets in the DRC and Zambia, has announced its intention to apply for admission of the Company’s ordinary shares of £0.01 each in the capital of the Company to commence trading on the AIM market of the London Stock Exchange plc.
Concurrently with Admission, the Company is proposing to raise equity through the placing of new Ordinary Shares, the proceeds of which will be invested primarily to advance the high grade Mbamba Kilenda copper project in the DRC towards production and to continue high impact exploration at both its Titan Project in the DRC and Lunga Project in Zambia.
Prior to Admission, CCR will be re-registered as a UK public limited company, Central Copper Resources plc.
- Mbamba Kilenda, DRC – Near-Term Development: This is a high grade copper project (> 3% Cu) and the flagship project of the group. CCR has been developing Mbamba Kilenda since 2013 with over $19m of funding provided by leading mining private equity investors to date. The project currently has Mineral Resource Estimate of 11.8 Mt Cu at 3.13% (JORC 2012) and following Admission CCR is seeking to advance the asset towards production with a drill programme to, inter alia, complete its Pre-Feasibility Study (PFS) and increase Mineral Resources along strike. The current Mineral Resource is derived from a 5.5 km strike which is open along strike and at depth and there is 85 km of continuous strike length to further explore. Following completion of this work and raising development capital, the initial target is to produce, in aggregate, 30,000 metric tonnes Cu across the first three years of production as part of the Mining Evaluation Phase, before ramping up production to 30,000 metric tonnes Cu per annum.
- Titan, DRC – High Impact Exploration: Following Admission, CCR will hold 20% of Titan Mining & Exploration, a company that holds 78% of the Kayeye Project that is in the same vicinity as Ivanhoe’s Kamoa-Kakula copper mine, which is forecast to be the second largest copper mine in the world, with peak production of 800,000 tonnes Cu per annum. The Titan team is led by members of the award winning geological team that discovered Kamoa. The 231 km2 licence area has confirmed geological continuity with Kamoa-Kakula. Titan is planning 8,000m of exploration drilling in H2 2021 in highly prospective target areas.
- Lunga, Zambia – High Impact Exploration: This is a wholly owned licence area of 292 km2, 200 km from the Zambian Copperbelt with 3,000 m of drilling planned across three priority target areas and two drill-ready targets. Adjacent to the Chifumpa Mine (non-JORC Code (2012) compliant) with a grade of over 4% Copper), the regional base metal system is evident.
Kevin van Wouw, Chief Executive Officer, comments:
“Our admission to AIM and proposed equity raise will enable Central Copper Resources to become a mid-tier copper company by advancing our flagship high grade Mbamba Kilenda copper project through the PFS towards production in the near term.
“Also, we look forward to building value through exploration, particularly with Titan undertaking its first drilling programme at Kayeye, which is located along strike from Ivanhoe’s Kamoa-Kakula Copper Mine. We believe that we are listing on AIM at a good time in the project life cycles of the portfolio and given the recent performance of the copper price. The group is looking forward to access the capital markets in London and to build on its current strong shareholder register.”