(Ecofin Agency) - Developing the Kalongwe copper and cobalt project in DR Congo will require an initial funding of $53.12 million. This is according to the definitive feasibility study (DFS) released by the firm owning the mine, Nzuri Copper, on its website. 

The DFS indicates that the project will have a net pre-tax value of $116 million for an internal pre-tax profit rate of 71%. The mine should have a lifeline of 7 years, and produce yearly 19,360 tons of copper and 1,507 tons of cobalt concentrates. Its construction should last 12 months. 

“The results of this high quality FS show that Kalongwe is an outstanding project, characterised by high copper and cobalt grades, low capital and operating costs and strong financial returns,” said Nzuri CEO, Mark Arnesen.

The Kalongwe open-pit mine is owned at 85% by Nzuri Copper Ltd.