THE BOURSE WHISPERER: Discovery Metals (ASX:DML) has held a ceremony to open the company’s 100 per cent-owned Boseto copper project, located in north-western Botswana.
The project was officially opened by the President of the Republic of Botswana His Excellency Seretse Khama Ian Khama, accompanied by Vice President and Minister for Mines, Energy and Water Resources Dr Ponatshego Kidikilwe.
“I wish to commend Discovery Metals that amidst the global economic ills, you forged ahead without wavering,” President Khama said at the opening.
“You remained firmly focused to deliver the mine which employs about 500 people, 96 per cent being citizens.
“In addition, you deserve to be commended for sponsoring 15 young Batswana to pursue studies at the Maun Vocational College in respective career paths.”
Discovery Metals’ Botswana projects. Source: Company announcement
The Boseto copper project is Discovery’s first producing copper mine and has been brought on stream, on time and within budget.
The company said the project has been designed to produce an average of approximately 36,000 tonnes copper and 1.1 million ounces silver per annum in concentrate from 3 million tonnes per year of ore feed to the concentrator.
“I’m delighted that the Boseto copper project has been officially opened and to be able to report to our shareholders that we have kept our promise and brought this fantastic asset on stream, on time and within budget,” Discovery Metals chairman Gordon Galt said.
“This is a particularly impressive achievement, driven by our team with the support of the Government of Botswana and local authorities, which has delivered production within two years of receiving the bankable feasibility study.
“By bringing Boseto on stream Discovery Metals has realised its initial objective and de-risked this project.
“Our commissioning and ramp up is progressing well, and we look forward to delivering strong and sustainable cashflow into the future.
“This will allow us to fully develop the potential value in the new copper frontier that is the Kalahari Copperbelt.”