Katanga Mining

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Katanga Mining Limited
Traded as TSXKAT
Industry mining
Founded 1996[1]
Headquarters Whitehorse, Yukon, Canada
Employees 6,400[2]
Parent Glencore (74.4%)[2]
Website www.katangamining.com

Katanga Mining Ltd TSX:KAT operates a major mine complex in the Katanga Province of the Democratic Republic of the Congo, producing refined copper and cobalt with the "potential of becoming Africa’s largest copper producer and the world’s largest cobalt producer."[3] Katanga paid US$452 million in cash to Nikanor Shareholders. In January 2008 Nikanor was merged into Katanga Mining.[3] Katanga Mining Ltd is majority-owned by Swiss commodity trader Glencore.[2]

A joint venture of Katanga Mining (75%) and Gécamines (25%) began mining Tilwezembe, an open-pit copper and cobalt mine, in 2007.[4] In November 2008, Katanga Mining said they had temporarily suspended mining at Tilwezembe and ore processing at the Kolwezi concentrator due to the depressed price of cobalt.[5]

KCC[edit]

Katanga Mining jointly owns the Kamoto Copper Company SARL (KCC) with Gécamines. KCC SARL produces copper and cobalt at the Kamoto concentrator, the Luilu metallurgical plant, the Kamoto underground mine and two oxide open pit resources in the Kolwezi district.[6] As of March 2010 the open pit Kananga Mine was also the property of KCC. The mine was not active.[7]

The Dima mines, consisting of Mashamba East, Mashamba West and Dikuluwe Open Pit were originally owned by the state-owned Gécamines before majority rights were sold to Katanga Mining and Nikanor in the early 2000s.[8] In January 2008 Katanga Mining acquired Nikanor Plc for $452m.[1] Following the friendly merger of the Katanga Mining and Nikanor assets, there was speculation that the Dikuluwe and Mashamba West deposits were being transferred to Gécamines, and would be exploited by a joint venture owned 32% by Gécamines and 68% by a Chinese consortium.[8] In February 2008 it was confirmed that Katanga Mining was selling Dikuluwe and Mashamba West to Gécamines for $825 million.[9]

References[edit]

  1. ^ a b Katanga Mining, History
  2. ^ a b c Glencore, Katanga Mining
  3. ^ a b "History: dead link". Katanga Mining. Retrieved 2011-11-16. 
  4. ^ "An Independent Technical Report on the Material Assets of Katanga Mining Limited...". SRK Consulting. 17 March 2009. Retrieved 2011-11-06. 
  5. ^ "Kolwezi Concentrator Update". Katanga Mining. November 21, 2008. Retrieved 2011-11-06. 
  6. ^ Katanga Mining, Company profile
  7. ^ Tim Henderson (31 March 2010). "A Technical Report on the Material Assets of Katanga Mining Limited Katanga Province, DRC". Katanga Mining. Retrieved 2011-11-17. 
  8. ^ a b Barry Sergeant (29 Jan 2008). "Katanga Mining's DRC/China copper/cobalt conundrum". MineWeb. Retrieved 2011-11-10. 
  9. ^ Liezel Hill (8 February 2008). "Katanga agrees to sell DRC deposits to govt for $825m". Mining Weekly. Retrieved 2011-11-10.