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South African company Nikanor, to boost Congo mining
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South African copper and cobalt company Nikanor, which recently became the largest company to debut on London's Alternative Investment Market, is positioning itself to participate in the consolidation of the companies operating in the Zambian-Democratic Republic of Congo copperbelt region.
Nikanor executive chairman, Jonathan Leslie, said in a media presentation that the company was progressing rapidly in its plans to rehabilitate the KOV open pit in south eastern Congo, one of the largest high-grade copper deposits in the world. It had reopened mines at nearby Kananga and Tilwezembe and started to produce concentrate from the refurbished Kolwezi plant, which was being shipped from the Congo through Durban.
“Nikanor is expecting to spend $1.3 billion over three years on the KOV project, which would be its first priority,” Leslie said. Leslie, who resigned as CEO of Sappi in March, headed Rio Tinto's gold and diamonds division before joining Sappi.
Nikanor's neighbours in the Congo include Metorex, First Quantum, Phelps Dodge, Anvil Mining and Camec. It is also operating near the Kipushi copper and zinc deposit, which was held as a joint venture by First Quantum and Kumba Resources until the government's mining arm, Gécamines, took it away and put it out to tender.
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