BUSINESS

Mining promoter Robert Friedland outlines potential copper mega project in Africa

11/18/2013 08:21 EST | Updated 01/23/2014 06:58 EST
LUBUMBASHI, The Democratic Republic Of The Congo - Mining promoter Robert Friedland has released a preliminary economic assessment for a major Congolese copper discovery that he says could be one of the world's lowest-cost producers.

A preliminary economic assessment released Monday by Friedland says a two-phase mine at the site could be worth US$4.3 billion in today's dollars before taxes and US$2.5 billion after taxes.

The study estimates cash costs of producing copper at the mine at US$1.18 per pound.

The Kamoa project in Democratic Republic of Congo is being developed under Ivanhoe Mines Inc. (TSX:IVN), a Toronto-listed company that Friedland founded and leads.

Friedland has a long history of developing major mining projects, including the Voissey's Bay nickel deposit in Labrador and the Oyu Tolgoi copper mining complex in Mongolia.

He says the Kamoa copper discovery in the DRC's Katanga province has a rare combination of high grade copper and large volumes that would made it a lowest-cost, major producer.