Modern Mining October 2023

mines being developed, the projection is that supply constraints are imminent,” explains Sawyer. Copper is currently trading at over $8 000 per tonne, with Sawyer upbeat that the price of copper will improve markedly by the time the Omitiomire copper project comes online. Impact of Namibia Investment Promotion and Facilitation Bill The Namibia Investment Promotion and Facilitation Bill, which is yet to be finalised, continues to create investor uncertainty. Since the announcement of the proposed Bill, there has been a slowdown in investment into the country, especially in the mining sector, with the cop per developer keeping a close eye on government interactions. “As a mining company and an investor, it’s our responsibility to act prudently and de-risk the proj ect as much as possible from an engineering and financing perspective, given that project develop ment requires an injection of hundreds of millions of dollars. However, from a practical point of view, the project already has a mining license, which is valid till 2036 and we are in the process of applying for an environmental clearance certificate for construc tion, which we expect to receive later this year,” says Sawyer. 

A core sample from the Omitiomire Copper project.

When built, the Omitiomire project will employ between 800 – 1000 people directly and more through indirect employment by service suppliers to the mine.” The South African connection As a long-standing mining destination, South African expertise in mining engineering and consulting engi neering is highly sought-after. “South African mining engineering and consult ing teams are highly experienced in building copper projects, especially plants in copper rich areas such as the Democratic Republic Congo and Zambia.” As such, aside from a strong reliance on the South African mining skills set, Omico is relying heavily on locally manufactured equipment for its SX/EW plant, with as much as 90% of equipment sourced from South Africa. South African-based Bara Consulting and METC Engineering are among the companies involved in delivering Namibia’s next copper mine. “As an established mining jurisdiction, Namibia is close enough to South Africa to allow for spares to be flown or trucked-in overnight or bulk materials transported by sea through Walvis Bay,” says Stuart. Outlook for copper According to Sawyer, the outlook for copper is extremely exciting, especially in terms of the medium-to-long-term supply/demand dynamics. “Although most analysts point to a slight surplus of around 100 000 tonnes for this year and next year, from 2025 onwards, industry commentators are forecasting the start of a copper deficit that will grow to become quite sizable. As there are few new

Uses of copper:  Copper is used extensively in manufacturing electric cables and other elec tric appliances.  Because copper is a highly efficient conduit, it is used across the world in renewable energy systems to generate power from solar, hydro, thermal and wind energy.  Copper helps reduce CO 2 emissions and lowers the amount energy needed to produce electricity.  It is used for making utensils, containers, calorimeters, and coins.  It is used in electroplating.  Copper is alloyed with gold and silver for making coins and jewels.

October 2023  MODERN MINING  17