Cupric raises P500m to develop Qhoree Mine

Proceeds from the loan will be used to fund project development costs and front end engineering in advance of commencing full scale construction in the second half of 2017. The mine, which was previously just known as the Zone 5 project, has been named Qhoree by the company.

KCM, whose parent company Cupric Africa facilitated the deal, will construct an underground mine at its high-grade Qhoree deposit. Dennis Bartlett, Cupric’s chief executive officer said proceeds from the term loan will enable them to continue development work at Khoemacau as they prepare to begin full scale construction of the Starter Project in the second half of 2017. “All design, engineering and permitting work is progressing well and on schedule, bolstering our confidence that production will commence in 2019,” Bartlett said. “We continue to believe that Qhoree, combined with the expansion potential offered by the other deposits within our licence areas, represents perhaps the most attractive new copper project in the world today, with the potential to ultimately achieve copper production in excess of 120,000 tonnes per annum.”