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African Copper is an international exploration and development company. At its Mowana Mine Property in Botswana, total open pit proven and probable reserves have been estimated at 14.8 million tonnes grading 1.11% copper. Construction of the project began in 2006 and significant progress was made in 2007. Production is scheduled to commence in the second quarter of 2008, which will transition African Copper from a junior exploration company to a copper producer. The Company also has a 100% interest in the Matsitama exploration concession, which has ten high-priority, drill-ready and 35 lower priority targets.
The Company is incorporated in England and Wales, and its ordinary shares are tri-listed on the AIM market of the London Stock Exchange, the Toronto Stock Exchange ("TSX") and the Botswana Stock Exchange ("BSX"). The ordinary shares trade on AIM and the TSX under the symbol "ACU", and on the BSX under the symbol "African Copper". African Copper has approximately 146.9 million shares outstanding. (See Share Structure)
The Company's strategy is to grow as a base metal mining company and to provide above average returns to shareholders. Production at Mowana is expected to grow from an estimated 5,500 tonnes of copper in 2008 to an estimated 29,000 tonnes in 2012. Mowana has an estimated seven-year mine life in the open pit and it offers African Copper near-term production, with the potential for future expansion. African Copper intends to exploit this reserve while continuing to pursue exploration potential around and under the open pit, and in the Matsitama Belt.
The Company has a large land position in a favourable geological setting, which is relatively under explored at depth and laterally. There are three areas where exploration is being focused:
- Near the Mowana Mine - a recent drill programme established mineralization south of the open pit.
- Underground at Mowana -- at this time over 70% of the known estimated Mineral Resource base at Mowana lies outside of the open-pit boundary. This deeper predominantly sulphide mineralization may potentially be used to supplement open-pit feed but must be extracted by underground methods.
- In the 3000 km2 Matsitama Belt, the Company has 10 drill-ready and highly prospective targets.
In 2007, the Company's announced mineral resource estimates of the Thakadu prospect which included an estimated 4.7 million tonnes of indicated resource grading 1.72% copper and 3.6 million tonnes of indicated resource grading 16 grams per tonne silver. In addition to the Thakadu deposit, the Company has also identified copper-gold, nickel-PGM, and zinc-lead-silver prospects worthy of further advanced exploration follow up.
Location map - fly from London to our project in Botswana
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