Montreal, Canada — MININGREVIEW.COM — January 23, 2008 – Anvil Mining Limited – listed on the Toronto and Australian stock exchanges and a leading copper producer in the Democratic Republic of Congo (DRC) – has registered record consolidated production of both copper and silver in the central African country in 2007.
In an announcement released here today, the company revealed record full year consolidated
production of 47 633 tonnes of copper and 2.45 million ounces of silver-in-concentrate
from its Dikulushi, Kinsevere and Kulu mines in the DRC. For the fourth quarter of 2007, the company reached record production of 16 877 tonnes of copper and 0.7 million ounces of silver.
Anvil president and chief executive officer Bill Turner comments: “Again, we delivered a
strong operational performance owing to the continued above-target operational performance at the Dikulushi mine, and the start-up of the Kinsevere Stage I HMS plant during the second quarter of 2007. Now, with three mines in production, the company expects to produce more than 55 000 tonnes of copper and 1.3 million ounces of silver in 2008,” he predicts.
“Capital and development expenditures for 2008 are estimated to be in the order of US$215 million (more than R1.5 billion), and will be applied mainly to the construction of the 60 000 tpa solvent extraction-electro-winning plant at Kinsevere – US$180 million (R1.25 billion) – leaving capital expenditures for our three operations of US $20 million (more than R150 million) and US$15 million (about R100 million) for exploration,” Turner elaborates.
“Based on its 2008 targeted production, and in conjunction with the company’s cash, cash
equivalents, investments and borrowing capacity, we anticipate that we will have sufficient financial resources to meet our 2008 and 2009 development plans,” he concludes..
Caption, Pic 1: The open pit at Anvil’s Dikulushi Mine, in the Katanga province of the DRC.