London, England — MININGREVIEW.COM — 15 October 2010 – Kazakh ferroalloy producer Eurasian Natural Resources Corporation (ENRC) says it plans to boost copper production from its assets in Africa more than six-fold during course of the next three years.
ENRC “’ which has spent more than US$1.2 billion (R8 billion) buying copper companies in Africa “’ recently bought the rights to the Kolwezi project, which was shut by the DRC government in September 2009 after the government had claimed that the owners, Canadian based and listed First Quantum Minerals, hadn’t fulfilled its contractual obligations.
The Kazakh company plans to produce 20 000t of the metal this year before increasing output to 130 000t by 2013, according to written notes accompanying a presentation here by chief commercial officer Jim Cochrane.
ENRC, looking to diversify beyond Kazakhstan, agreed earlier this year to buy Zambian copper and cobalt company Chambishi Metals Plc, and last year purchased Central African Mining & Exploration Company, which operates in the DRC. In August, it acquired rights to Kolwezi.
ENRC expects to spend about US$340 million (R2.4 billion) to achieve its 130 000-ton copper production target, according to today’s presentation.