Blackthorn Resources, an Australian-based resources company with a focus on advancing the Kitumba Copper Project and exploring high priority exploration targets on its Mumbwa tenements in Zambia, has announced plans to invest more than USD 600 million in its Zambia copper project.
According Blackthorn’s fourth quarter activities report, the company is currently in discussions with potential partners with the intention of supporting the feasibility study and future stages of the project.
“The project development cost is estimated at USD 680 million with capital intensity of USD 11,700 per annual ton of copper produced and a payback of 3.5 years after start of production,” reads the report.
The report indicates that the company has applied for a large-scale mining license for a 3 million metric ton per year underground mine in Zambia as well as the processing facility and associated infrastructure development.
Blackthorn Resources Ltd is listed on the Australian Securities Exchange with the goal to build an asset base that delivers significant returns for its shareholders and benefits for its stakeholders.