In addition, the first filtered copper concentrate production from the Phase 2 plant also has commenced.
First ore was introduced into the Phase 2 milling circuit on
The Phase 1 concentrator plant reached commercial production in
'The entire Kamoa Copper team has done a tremendous job in getting the Phase 2 plant up and running less than 10 months after the Phase 1 plant began operations,' said
'Global climate change is real, and we see ourselves as an integral part of the solution by providing the copper the world urgently needs for an all-electric future. Together with our joint venture partners, we are resolved to expedite future expansion phases at Kamoa-Kakula to generate profitable growth and provide long-lasting economic and social benefits for the Congolese people.
'The
De-bottlenecking program underway to boost processing capacity at the Phase 1 and 2 plants by more than 20%
The de-bottlenecking program that was announced last month is progressing on schedule. The program will see Kamoa-Kakula increase the combined design processing capacity of the Phase 1 and Phase 2 concentrator plants by approximately 21%, to 9.2 million tonnes per annum, up from 7.6 million tonnes per annum.
Engineering design is underway, and procurement of long-lead items has begun. Kamoa Copper expects to be in a position to increase Kamoa-Kakula's combined processing capacity to 9.2 million tonnes per annum by Q2 2023.
Once completed, the de-bottlenecking program will enable the copper production from Kamoa Copper's first two phases to exceed 450,000 tonnes per year, positioning Kamoa Copper as the world's fourth largest copper producer.
The successful execution of Kamoa-Kakula's Phase 1 and 2 construction projects, as well as the ongoing de-bottlenecking program, have been undertaken by the same competent owners' team alongside a combination of tier-one local and international contractors. Without this fantastic teamwork, none of these achievements would have been possible.
Kamoa Copper management would like to especially acknowledge the following partners for their intense efforts in building Phase 1 and Phase 2 in record time, while remaining on budget:
Phase 2 offtake negotiations to be concluded imminently
Negotiations to extend existing offtake arrangements to accommodate Phase 2 copper production are nearing completion, based on competitive arm's-length commercial terms. The Phase 2 offtake is expected to streamline and improve certain provisions from Phase 1, for the benefit of all parties.
About the
Kamoa-Kakula is the world's fastest growing and highest-grade major copper mining complex. Based on independent benchmarking, the project's phased expansion scenario to 19 million tonnes per annum would position Kamoa-Kakula as the world's second-largest copper mining complex, with peak annual copper production of more than 800,000 tonnes.
A 2020 independent audit of Kamoa-Kakula's greenhouse gas intensity metrics performed by
About
Kamoa-Kakula is the world's fastest growing major copper mine. Kamoa-Kakula began producing copper concentrates in
Contact:
Tel: +1.604.331.9834
Forward-looking statements
Certain statements in this release constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as 'may', 'would', 'could', 'will', 'intend', 'expect', 'believe', 'plan', 'anticipate', 'estimate', 'scheduled', 'forecast', 'predict' and other similar terminology, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Such statements include without limitation, the timing and results of: (i) statements regarding expectations that the commissioning of the Phase 2 concentrator plant will be smoother than the commissioning of the Phase 1 concentrator plant; (ii) statements regarding Kamoa-Kakula's copper production guidance for 2022, which currently is estimated at between 290,000 tonnes and 340,000 tonnes of copper in concentrate; (iii) statements regarding expectations that the Phase 3 expansion will begin operations in in less than two years' time; (iv) statements regarding Kamoa Copper expects to be in a position to increase Kamoa-Kakula's combined processing capacity to 9.2 million tonnes of ore a year by Q2 2023; (v) statements regarding the de-bottlenecking program will enable the copper production from Kamoa Copper's first two phases to exceed 450,000 tonnes per year by Q2 2023; (vi) statements regarding the Kamoa-Kakula's phased expansion scenario to 19 million tonnes per annum would position Kamoa-Kakula as the world's second-largest copper mining complex, with peak annual copper production of more than 800,000 tonnes and (vii) statements regarding Kamoa-Kakula will be among the world's lowest greenhouse gas emitters per unit of copper produced; (viii) statements regarding Phase 2 offtake negotiations.
As well, all of the results of the Kakula definitive feasibility study, the Kakula-Kansoko pre-feasibility study and the Kamoa-Kakula preliminary economic assessment, constitute forward-looking statements or information, and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects. Furthermore, with respect to this specific forward-looking information concerning the development of the
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed below and under 'Risk Factors', and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth below in the 'Risk Factors' section in the company's 2021 Q4 and Year-End MD&A and its current annual information form.
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