JV’s priority projects are the Konkola North copper project

[bingogo]

ARM to focus on copper projects
African Rainbow Minerals (ARM) CEO, Andre Wilkens, has the company’s strategy with its JV partner Brazilian resource major Vale, is to focus on copper and base metals.
As a result a decision has been taken to sell the Otjikoto gold project in Namibia which held nearly 2 million ounces of gold in indicated and inferred resource categories as well as a large land holding of prospective geology. Wilkens said an independent broking institution had been appointed to find a buyer.
He added that the JV’s priority projects are the Konkola North copper project in Zambia and the Kalumines copper/cobalt project in the Democratic Republic of Congo (DRC).
Wilkens said a bankable feasibility study on Konkola North is scheduled for completion in June this year while a 12,000 metre exploration drilling programme started at Kalumines in November.
Wilkens also said a long-term, 17 year coal supply agreement was concluded in December between Eskom and the Goedgevonden thermal coal mine which is a JV between ARM and Xstrata Coal.
ARM’s profit for the 6 months to December 31, 2009 fell to R526m (previous comparable period – R2bn) and headline earnings dropped to 214c a share (1,055c a share) - http://www.miningmx.com.