MMG: Visit To The Kinsevere Copper Operation
Edison | Apr 26, 2016 06:57AM ET
In this note we focus on the Kinsevere copper mine, in the Democratic Republic of the Congo (DRC), wholly owned by MMG (HK:1208). Driven by power and production-related initiatives, copper cathode production has vastly exceeded the 60ktpa nameplate with c 70kt and 80kt achieved in 2014 and 2015 respectively. Last reported C1 cost was US$1.48/lb. We also update our group forecasts following recent results.
Power strategy has supported refining initiatives
Crucial to the transformation at Kinsevere is the power strategy. Extensive negotiations with external power providers and site based diesel generation have cemented the continuous availability of power with an increasing proportion from the grid. This enables Kinsevere to optimise refining capacity by lifting current densities without loss of efficiency due to enhanced cell house maintenance. The increased scale, along with group cost reduction initiatives, has cut unit costs.
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