Livingstone, Zambia — MININGREVIEW.COM — 11 February, 2008 – Teal Exploration & Mining Incorporated – a growth-oriented mineral development and exploration company listed on the Toronto and Johannesburg Stock Exchanges – is on the point of confirming the launch of a new copper mining project in Zambia.
Teal – which is 65% owned by South African-based African Rainbow Minerals Limited – has been focusing its efforts on operations in Zambia and the Democratic Republic of Congo (DRC).
This new development – on which an announcement is expected within the next few weeks – was reported by Bloomberg News, quoting Teal CEO Rick Menell in address to the African Mining Congress here at the weekend.
“We’re just reaching the go-ahead for a US$160 million (R1.2 billion) mine which will produce 25 000 tpa,” he said. “Some underground infrastructure already exists at the Konkola mine, which could be ready for production within about 18 months,” he estimated.
“Teal aims to increase its overall annual copper output to 65 000 tpa by 2012 from an estimated 8 500 tons this year, in order to benefit from current near-record prices for the metal,” Menell added. “That includes a possible expansion at our Lupoto mine in the DRC at a cost of about $240 million R1.8 billion).”