Baar, Switzerland — MININGREVIEW.COM — 12 February 2010 – Katanga Mining Limited “’ which operates a large-scale copper-cobalt project in the Democratic Republic of Congo (DRC) and aims to create a leading African copper-cobalt company “’ intends quadrupling its cobalt production by 2011.
The DRC-focused miner “’ based in Switzerland and listed on the Toronto Stock Exchange “’ says in a statement released here that the cobalt is ramping up. “Production is forecast at 8 000 tpa by the second quarter of 2011,” the statement adds.
Katanga will produce 82 000 tonnes of copper cathode and 5 500 tonnes of cobalt metal in 2010, compared to 41 964 tonnes, and 2 534 tonnes last year.
Katanga’s shareholding is majority-owned by Swiss-based trading house Glencore at over 70%, with investment firm RP Capital, holding about 15%.
All of Katanga Mining’s cobalt, which is a by-product of its copper mine in the DRC, is contracted to Glencore for the maximum 40 year life of its Katanga mine.