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Cupric seeks P3.5bn to build new copper mine

Rasmussen
Rasmussen

Mining company, Khoemacau says it will approach the markets to raise up to $350 million (P3.55 billion) needed to bring its new copper and silver mine at Somelo in the northwest region to production.

The construction of the mine is set to start in late 2016 with the first copper shipment to the markets expected in 2018.

In an interview with BusinessWeek, Cupric Canyon Africa Chief Executive Officer, Sam Rasmussen said the mine will produce 50,000 tonnes of copper and 1.5 million ounces of silver per annum. Cupric Canyon Africa is the parent company to Khoemacau.

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Editor's Comment
Celebrate responsibly, put safety first this holiday

“Safety first is safety always”– Charles M HayesAs most people begin travelling across the country to spend the President’s Holidays with family and friends, there is every reason to embrace the joy and togetherness that this period brings.While holiday periods bring joy, they are sadly often accompanied by a rise in road accidents, violent incidents and other avoidable tragedies. Too often, families that set out to celebrate together end...

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