HomeBase MetalsDelay in Kinsevere copper project

Delay in Kinsevere copper project

Anvil’s Kinsevere
project in the DRC
Montreal, Canada — MININGREVIEW.COM — 17 August 2010

Canadian-based Anvil Mining Limited “’ a copper producer focused on the Democratic Republic of Congo (DRC) – has posted a second-quarter profit boosted by higher sales and lower expenses, but says it expects some delay in commissioning its Kinsevere copper project.

The company’s latest quarterly results statement released here said that for the three months ended 30 June, it had posted net income from continuing operations of US$5.1 million (R38.25 million) or 3 cents a share, compared with a net loss of US$11.3 million (R84.75 million) or 13 cents a share a year ago. Revenue from continuing operations had nearly doubled to US$14.5 million (R108.75 million).

Anvil said it now expected to commission its Kinsevere Stage II copper mine project in the DRC by the second quarter of 2011. It had stated earlier that it would commission the project in the first quarter.

In February, the company had agreed to sell the majority interest in its Dikulushi copper-silver mine in the DRC to Australia’s Mawson West Limited for a 28% stake in the junior miner.

Anvil said it had agreed to hedge about 100% of its expected copper production for the remainder of 2010, and backed its full-year production view of 15 000 tons of copper contained in concentrate.

Shares in Anvil, which have lost about 18% of their value in the last six months, closed at C$2.75 on the Toronto Stock Exchange before the weekend.

The company also announced that its chief executive Bill Turner would be retiring in early 2011.