Modern Mining June 2021

MINING News

Kamoa Copper has signed copper concen- trate and blister copper offtake agreements, on competitive arm’s-length commercial terms, for 100% of Kamoa’s phase 1 copper output (copper concentrate and blister), which is anticipated to be approximately 200 000 tonnes of copper per year. Kamoa Copper signed off-take agree- Kamoa Copper signs off-take agreements for phase 1 copper output ments with CITIC Metal (HK) Limited (CITIC Metal) and Gold Mountains (H.K.) International Mining Company Limited, a subsidiary of Zijin Mining Group, for 50% each of Kamoa’s copper products from phase 1. The remaining 50% of products will go to a multiple other partners. The demand for Kamoa’s copper is due to its

clean, high-grade concentrate, which is estimated to contain roughly 57% copper and very minimal levels of contaminants. “We are very pleased to have reached agreements with our partners CITIC Metal and Zijin at internationally-competitive terms. The agreements reflect the great partnership we have with CITIC Metal and Zijin, and the advance payment facilities significantly reduce the mine’s working capital requirements as Phase 1 production ramps up,” says Ben Munanga, chairman of the board at Kamoa Copper S.A. Kamoa Copper started copper pro- duction on May 25, 2021, and on June 1, 2021 delivered its first concentrate to the Lualaba Copper Smelter nearby, outside Kolwezi. Kamoa Copper signed a 10-year agreement wi th the Lualaba Copper Smelter (LCS) on May 31, for the process- ing of approximately 40% of Kamoa’s copper concentrate production. This agreement is followed by the conclusion of a strategic partnership with Ivanhoe Mines and the China Nonferrous Metal Mining Group (CNMC) and is in keeping with Kamoa’s commitment to in-country beneficiation. The smelter, which began operations in early 2020, will process up to 150 000 wet metric tonnes of Kamoa’s copper con- centrate at a market-based fee. LCS will locally produce blister copper containing approximately 99% copper that will be col- lected by Kamoa from LCS’s storage facility. LCS has been developed in the Democratic Republic of Congo as the first modern, big, pyro-metallurgical copper smelting plant and located about 40 km from Kamoa, along a recently constructed road. Rochelle de Villiers, Kamoa Copper’s CFO, who is leading the concentrate off- take and marketing negotiations, states: “Kamoa Copper is pleased to have con- cluded an agreement with LCS, which will make up about 40% of the total volumes of concentrate produced by phase 1, mak- ing the most of available in-country smelter capacity. We look forward to a long-term collaboration with our new partner.” Kamoa’s off-take agreements with CITIC Metal (HK) Limited (CITIC Metal) and Gold Mountains (H.K.) International Mining Company Limited, a subsidiary of Zijin Mining Group include both concentrate exports (60%) and blister copper ingots from LCS (40%). 

Kamoa Copper concentrate.

Michelle Jenkins appointed independent non-executive director at Shanta

Shanta Gold (AIM: SHG), the East Africa- focused gold producer, developer and explorer, has announced the appointment of Michelle Jenkins as an independent non- executive director of the company, with immediate effect. Jenkins is a Chartered Accountant (South Africa) and an exploration geologist with an honours degree in Geology from the University of Witwatersrand, South Africa. Jenkins has 25 years’ experience in the mining sector during which time she has accumulated a wealth of technical and man- agerial expertise. Jenkins has extensive experience across Africa including currently as the executive for Finance and Administration (South Africa) for Orion Minerals Ltd and as a non-executive director of Kumba Iron Ore Limited. Jenkins previously worked for the Pangea Group. Tony Durrant, chairman of the board, comments: “We are delighted to welcome

Michelle to the board. We believe her expe- rience in exploration and mining finance across Af r ica wi l l

bring a complementary skill set and will be of considerable value as the company con- tinues to develop its portfolio in East Africa.” Michelle Jenkins, independent non- executive director, comments: “Joining the board of Shanta Gold at such a transforma- tional period is incredibly exciting. I have watched the business go from strength to strength over the past few years and under- stand the potential for this year’s exploration programme to create a step change in shareholder value. I’m delighted to be a part of the company’s future as it transitions to a mid-cap producer. I’m looking forward to working alongside the board and manage- ment team to deliver on this next phase of growth.” 

6  MODERN MINING  June 2021