Correction (September 11, 2000)

The Kolwezi tailings project in the Democratic Republic of Congo contains an updated resource of 112.8 million tonnes grading 1.49% copper and 0.32% cobalt. The project is held by America Mineral Fields (AMZ-T), with a 30% interest, Anglo American (AAUK-Q), with 30%, and state-owned Generale des carrieres et des mines (Gecamines), with 40%.

Belgium’s Union Minire bought an 11% interest (3.5 million shares) in AMF last year for $9.6 million. It can boost its interest to 20% through the exercise of 3.5 million warrants priced at $3.50 apiece. The warrants can be exercised once a presidential decree is issued for the project and other conditions are met.

AMF’s Kipushi zinc project, also in the DRC, holds resources of 26 million tonnes of 19% zinc and 2.18% copper. South Africa’s Zincor, a subsidiary of Iscor, recently negotiated an option to co-develop the project. Incorrect information appeared in our July 24-30/00 issue.