Toteng in the Ngamiland District will get a second chance to host a copper mine with the re-opening of old Boseto Mine that will trade as Khoemacau Copper Mines under ownership of Cupric Canyon Capital.
Khoemacau Copper Mines recently made international headlines after securing funding to the tune of US$565 million (approximately P6 billion) from Red Kite Mine Finance and Royal Gold AG to commence construction of copper silver project in Toteng.
“Direct construction of the starter project is US$397 million over a two-year construction timeline with the first copper concentrate production expected in the first half of 2021,” chief executive officer for Khoemacau copper mining, Mr Johan Ferreira, said this at a press conference last week.
Khoemacau acquired Boseto assets in 2015 following liquidation of the Boseto mines when it folded.
Acquisition of Boseto alongside Zone 5, adjacent to Boseto mines, which Khoemacau already owned gave the company access to 3 million tonnes per annum facility as well as extensive infrastructure, mineral resources and licenses, a press release from the company reads.
The starter project would have a 21-year mine life though there would be extensive plans for expansion beyond the projected 21 years.
Asked about the mines longevity and sustainability owing to failure of previous mining syndicates who closed shop, Mr Ferreira said their main focus was on ensuring that they could run the mine in a sustainable manner using a highly merchandised strategy and investing in their human resource.
The mine was expected to hire 1 200 with various spin-offs in value chains expected in service provision expected to boost communities around the mines.
“We are committed to upliftment of communities around the mine and continually engage them on our developments, as well as local authorities,” executive director of Khoemacau Mr Boikobo Paya said.
In spite of fluctuating commodity prices, the company is confident in rising global demand for copper for innovations such as electric cars and smartphones.