Boseto on track
30th Jan 2012
SYDNEY, Jan 30 – UBS Securities says “imminent approval” of Discovery Metals’ Zeta underground copper project in Botswana could be followed by an underground development at nearby Plutus as the ASX-listed Discovery proceeds with construction of its flagship Boseto project on time and within the $US175 million budget.
The DFS on Zeta has been completed and is being reviewed by management, while about 1Mt of material has reportedly been mined at Boseto and plant commissioning “remains on schedule for later this half”, UBS said in a research note.
Discovery’s 100%-owned Boseto copper project, in the Kalahari Copper Belt, has resources of 111.5Mt grading 1.4% Cu and 18gpt Ag (including reserves of 24Mt at 1.3% Cu and 16.7gpt Ag). A 3Mtpa plant is expected to process first ore from openpit mining in the first half of this year, with underground mining scheduled for CY14.
Discovery had US$98.7M cash and had drawn down US$150M of Boseto project financing at 31 December 2011.
The mine mobile fleet budget is $75M, with Caterpillar the largest supplier.
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