Western Australian-based New World Alloys Ltd has signed a 'heads of agreement' (HoA) with TSM Enterprise Sprl, a company registered in the Democratic Republic of Congo (DRC), to form a 50:50 joint-venture called Nova Mining (Congo) Sprl. In a report sent to the Australian Stock Exchange, Laurie Findlay, managing director of New World Alloys, states that the partners intend that Nova Mining will develop two copper projects in DRC's Katanga Province, on the Central African copperbelt, with a view to commencing production within four months' and 12 months' time, respectively. Under the HoA, New World Alloys will contribute two large sets of cupola-type furnaces, each capable of producing 10,000 t/y of blister copper, along with a package to ensure their construction, to earn its 50 percent interest in Nova Mining. New World Alloys will also co-ordinate the engineering work, and develop the mine plans. TSM will contribute its industrial property in Lubumbashi, plus two copper leases to the northeast of the town of Kolwezi and its minerals/metals export licence. The leases, called Tombola and Tondo, are each about 25 km~2 in area, and both are unexploited save for some artisanal trenching. According to New World Alloys, this has exposed high-grade copper oxide mineralisation, which is also evident on surface.
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