African Metals Corporation

African Metals Corporation
Copper mining
Traded as TSX-V: AFR
Industry Mining
Founded 1980
Headquarters Surrey, British Columbia, Canada
Key people
 Donald Nicholson, President
Products Copper and cobalt
Website www.africanmetals.com

African Metals Corporation (AMC) is a junior Canadian mining company that undertakes exploration and development of copper and cobalt mines in the Katanga Province of the Democratic Republic of the Congo (DRC). AMC's main asset is the Luisha South project.

History

The company was listed on 12 May 1980 as Alpine Exploration Corporation.[1] In 1991 the company was prospecting for gold in west-central British Columbia.[2] With rising gold prices, in 1995 Alpine Exploration said it was planning to spend $250,000 on exploration of its three properties in northern British Columbia and in Alaska.[3]

Alpine Exploration changed its name to Shiega Resources Corporation in November 1997.[1] In 1998 Shiega was in a joint venture with SAMAX Gold Inc. on the Nkroful gold mining project in Ghana.[4] Shiega also had an interest in a project in the Tintina Gold Belt, northeast of Fairbanks, Alaska.[5] That year Shiega was engaged in negotiations for a merger with Aurex AB, a gold miner, but the deal was dropped in January 1999.[6]

Shiega Resources changed to the present name of African Metals Corporation in January 2000.[1] Their main property is now the Luisha South concession in Katanga, DRC.[7] The company also has an option to acquire an 80% interest in eight other properties with an area of about 682 square kilometres (263 sq mi).[8]

Luisha South

A permit to exploit the Luisha South project was issued in March 2006, and Chevalier Resources acquired 57% of the project. In November 2009 AMC announced a binding letter of intent to buy Chevalier.[9] In June 2011 African Metals gave an initial estimate for its Luisha South Stockpile. There was an inferred 370,000 tonnes of ore at 1.0% copper and 0.5% cobalt.[10] In September 2011 AMC announced it was acquiring another 33% interest in Luisha Mining Enterprise.[11]

In August 2011 the company issued an updated estimate for the project as a whole. There was an inferred 14.7 million tonnes of ore at 1.1% copper and 0.3% cobalt, giving 161,700 tonnes of contained copper metal and 44,100 tonnes of contained cobalt metal.[12] In September 2011 African Metals said a subsidiary had purchased a Dense Media Separation plant and other equipment in preparation for mining.[13]

References

  1. 1 2 3 "African Metals Corporation". TSX. Retrieved 2011-11-12.
  2. ↑ T.A. Richards (1991). "Assessment Report - Rock Geochemistry Report - Tar Mineral Claim" (PDF). Retrieved 2011-11-12.
  3. ↑ "Alpine to launch quarter million dollar gold-silver exploration program next month". Alpine Exploration Corporation. April 10, 1995. Retrieved 2011-11-12.
  4. ↑ "SAMAX Gold Inc. - Joint Venture Agreement with SEMAFO Expands Potential for The Nkroful District, Ghana". SAMAX Gold Inc. July 6, 1998. Retrieved 2011-11-12.
  5. ↑ "Great Quest Metals Ltd. Agreement Signed With Newmont On Gold Dust Property". Great Quest Metals Ltd. April 30, 1999. Retrieved 2011-11-12.
  6. ↑ "Aurex withdrew from its negotiations to merge with Shiega Resources". Thomson Reuters. Jan 21, 1999. Retrieved 2011-11-12.
  7. ↑ "African Metals Corporation Company Snapshot". CorporateInformation. Retrieved 2011-11-12.
  8. ↑ "AFRICAN METALS CORP (AFR:Venture)". Bloomberg Business Week. Retrieved 2011-11-12.
  9. ↑ "African Metal Corporation Executes a Binding Letter of Intent...". African Metals Corporation. 2009-11-09. Retrieved 2011-11-11.
  10. ↑ "MAIDEN INFERRED RESOURCE OF 3800 TONNES COPPER ..." (PDF). African Metals Corporation. June 13, 2011. Retrieved 2011-11-11.
  11. ↑ "African Metals Corporation Completes Acquisition Of Further 33% Interest In Luisha Project". Reuters. 20 Sep 2010. Retrieved 2011-11-12.
  12. ↑ "AFRICAN METALS CORPORATION EXCEEDS PROJECTED TARGETS ..." (PDF). African Metals Corporation. August 29, 2011. Retrieved 2011-11-11.
  13. ↑ "AFRICAN METALS PURCHASES A CONCENTRATION PLANT ..." (PDF). African Metals Corporation. September 19, 2011. Retrieved 2011-11-11.
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