Business

$460m Kitumba mine project development set

TRYNESS MBALE, Lusaka
THE Federal Court of Australia has approved Blackthorn Resources and Intrepid Mine scheme which will allow the duo to pursue the development of Kitumba project in Mumbwa.
Blackthorn Resources and Intrepid Mine are expected to start the construction of the US$460 million Kitumba copper mine project in Mumbwa next year.
Recently, the two Australian firms agreed to merge into a joint venture to develop the Kitumba copper mine.
Blackthorn Resources chairman Michael Oppenheimer said the implementation of the Scheme took effect on December 11, 2014, with all eligible participating shareholders being issued with Intrepid Mines shares in exchange for their Blackthorn Resources shares.
Mr Oppenheimer said at the firm’s annual general meeting recently that the company’s immediate priorities are to resolve the Perkoa asset underperformance and to reposition its executive team to pursue development of Blackthorn Resources’s Zambian copper assets.
“Recently, the shareholders of Blackthorn Resources approved the company merging with Intrepid Mines by way of scheme of arrangement. On November 26, 2014 the Federal Court of Australia approved the Scheme, and as a result, the Scheme will officially take effect.
“I am now confident that we can enter the next chapter in the company’s life with the right people in place and sufficient funds available to the merged group, providing a stable platform from which to pursue value creation and growth opportunities,” he said.
Blackthorn Resources is an Australia-based mining company with a focus on advancing the project and exploring high-priority exploration targets on its 163 square kilometre mining area in Mumbwa.




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