CAMEC’s primary centre of operation is the Democratic Republic of the Congo, where it has a proven track record of advancing projects rapidly through intensive capital expenditure. The country, which has conducted successful democratic elections, is rich in resources and offers high potential returns on investment. CAMEC invested in the DRC before many of the larger multi-national companies and as a result has a secure position within the country. The Company has a very strong relationship with Gecamines, the DRC’s state owned mining company and as a result has been able to build up a substantial portfolio of primarily copper and cobalt assets which it is continually looking to develop and expand. It is also evaluating additional resource opportunities including uranium.
The Company’s flagship operation is the 50,000m² Luita copper and cobalt processing facility, located on the Kakanda/Disele Road in the C19 concession area in the Katanga Province of the DRC. Production at the plant is targeted at 40,000 tonnes of copper, 3,000 tonnes of cobalt cathode and 3,000 of cobalt concentrate by end March 2008. The plant has a targeted template capacity of 100,000 tonnes of copper cathode and 12,000 tonnes of cobalt cathode by the end of 2008, which will make it the largest under-roof facility of its kind in Africa. It is being supplied by mines on the highly prospective C19 & C21 concession areas which Gecamines, the DRC national mining company, estimated to contain circa 1.5 million tonnes copper and 500,000 tonnes cobalt. These are currently being drilled to JORC status.
CAMEC’s operations are supported by SABOT, the Company’s 450 truck logistics business which provides the Company with the ability to control its own destiny both in the supply of machinery and the transportation of product. The construction of the Luita facility in under 12 months underlines the distinct benefits of owning a logistics operation.
The Company is also conducting exploration programmes in Moba and Mitwaba focussed primarily on diamonds and gold. There are also opportunities that are being evaluated in
