Rubicon gains stake in African company

Vancouver — In return for an investment of $1.4 million, Rubicon Minerals (RMX-V) has secured rights to acquire a 29.7% interest in Africo, a private company that controls mineral projects in several African nations, including Zambia, Zimbabwe and the Democratic Republic of Congo (DRC).

Rubicon President David Adamson says the acquisitions give the company “leverage at low cost” to a major copper-cobalt deposit in the copper belt of the DRC.

Africo has rights to earn a 75% interest in the Kalukundi deposit, which contains an inferred resource of 16.9 million tonnes grading 3.03% copper and 0.66% cobalt. This estimate is based on eight holes drilled by state-owned Gcamines in the 1980s, plus 12 more holes drilled by JCI in 2002.

Africo’s Kalukundi deposit is 50 km west of the famous Tenke Fungurume copper-cobalt deposit in Katanga province, and 4 km from existing rail and power lines.

The existing resource is contained in oxidized host rocks from surface to 100 metres below surface. Mixed oxide-sulphides are found from 100 metres to at least 150 metres.

Africo will carry out a drilling program to upgrade the existing resource and advance the project to the feasibility stage. The company also plans to explore for additional copper-cobalt mineralization on the property. Africo is managed by South African professionals with extensive experience in southern Africa.

Gcamines retains a 25% carried interest in the Kalukundi deposit, while the DRC government holds a 2% net smelter return royalty.

Rubicon can boost its interest in Africo to 33.8% by meeting certain conditions. In addition to Kalukundi, Africo controls gold properties in Zambia and platinum-palladium-gold projects in Zimbabwe.

Rubicon holds gold and base metal properties in Canada, Alaska and Nevada.

Print

Be the first to comment on "Rubicon gains stake in African company"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close