Metorex Ltd., planning to invest as much as $150 million to build a copper project in the Democratic Republic of Congo, is negotiating loans to help fund the mine as rising prices spur producers to expand.
Kinsenda, where some infrastructure already exists, may produce 22,000 metric tons of copper a year, boosting Metorex’s output of the metal by about 40 percent, Goodlace said.
The CEO is also studying other projects in Congo and Zambia to benefit from a forecast supply shortfall this decade. Copper prices rose by a third in the past 12 months to $9,822 a ton in London.
Metorex increased output of the metal by 5 percent in the six months ended Dec. 31 to 26,358 tons and raised cobalt production by 26 percent to 2,021 tons, the company said today in a statement.
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