London, England — MININGREVIEW.COM — 24 November 2008 – Katanga Mining Limited – which operates a large-scale copper-cobalt project with substantial high-grade mineral reserves and integrated metallurgical operations in the Democratic Republic of Congo (DRC) – will not be producing cobalt concentrate for the moment.
In a statement released here, the company confirmed that, given the depressed price of cobalt, it had temporarily suspended mining operations at its Tilwezembe open pit, as well as ore processing at its Kolwezi Concentrator.
The statement added that the company had significant cobalt concentrate inventory which it expected to sell during the fourth quarter of 2008. Therefore, revenues from cobalt concentrate sales for this year would not be adversely impacted by the shutdown.
Katanga mining pointed out that it would continue to focus on its mining operations at the Kamoto underground mine, the T-17 open pit and the Kamoto concentrator. Stocks of copper concentrate would continue to be accumulated at the Luilu metallurgical plant for processing at Luilu at a later date.
Interim CEO Steven Isaacs, commented: “Given the current market price of cobalt, we have temporarily suspended mining operations at the Tilwezembe open pit and ore processing at the Kolwezi concentrator until it becomes economically viable.”