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Xtract Resources enters Memorandum of Agreement with KPZ International

Published by , Assistant Editor
Global Mining Review,

The Board of Xtract Resources Plc (Xtract) has concluded a Memorandum of Agreement (Agreement) with KPZ International Ltd (KPZ) for Xtract to act as contractor for the Kalengwa processing project on the copper large scale mining license number 24401-HQ-LEL (Licence) located in the central part of the Republic of Zambia (Kalengwa project). The historic Kalengwa copper mine was one of the highest-grade copper mines in Zambia with a mineralised high-grade core reported to have yielded an average grade of 27% Cu.

Colin Bird, Executive Chairman said: "I am pleased to have completed this processing arrangement which makes immediately available to us, relatively high-grade dump material for processing. We will also commence exploration operations to identify the possible extensions of the open pit ore both on strike and depth. On signing the agreement, we will recommence operations and advance to the initial operation. The initial operation will be upgraded to a mechanised sophisticated ore sorting system. During this initial phase, the Company will explore for extensions of the open pit both North and South. The results from the exploration will determine the size and operating requirements of a larger operation. We will also assess the possibility of dewatering the former open pit with a view to access the high-grade ore left at the bottom. The redevelopment of Kalengwa should create job opportunities for the local community. The resumption of operations will be much assisted by local knowledge and a strong desire to see the Kalengwa mine once again flourish."

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