South Atlantic submits proposals for African copper-cobalt projects

South Atlantic Diamonds (SCQ-V) is expanding beyond its portfolio of Brazilian diamond assets by acquiring several copper-cobalt projects in south-central Africa.

The junior has submitted applications to the respective government agencies outlining the proposed joint-ventured development of the Konkola North project in Zambia, and the Kingamyambo and Ruashi-Etoile projects in Zaire.

Mining rights to Konkola North are held by state-owned Zambia Consolidated Copper Mines. The project is 90 km south of the Zairean city of Lubumbashi and is on the northern extension of the producing Konkola Deep mining project.

Based on drilling and limited underground development completed from 1937 to the mid-1980s, Konkola North hosts proven and probable reserves of 30 million tons averaging 2.49% copper and 0.05% cobalt. An additional possible reserve is calculated at 50 million tons grading 2.58% copper and 0.09% cobalt. South Atlantic believes the potential of the area could be upwards of 350 million additional tons.

A joint venture is proposed with Zambia Consolidated, with the aim of producing a feasibility study on a large-scale mining operation in excess of 100,000 tons copper concentrate per year.

A pre-qualification bid for a joint-venture participation in the Kingamyambo tailings project, 260 km northwest of Lubumbashi, was accepted by the Zaire state-owned agency Gecamines. South Atlantic expects to submit a formal bid later this year, after completing a site visit and a prefeasibility study.

The project centres on the economic viability of processing an estimated 107 million tons of accumulated tailings averaging 1.34% copper and 0.7% cobalt using solvent extraction-electrowinning.

A pre-qualification bid was also submitted on the joint-ventured development of the Ruashi-Etoile project, 10 km northeast of Lubumbashi. Several inactive copper deposits in the area are believed to host a potential 62.5 million tons averaging 3.45% copper and 0.46% cobalt.