Teal Says Bought 5,000 T Capacity Furnace

By Godfrey Tung'wet Posted 24 July 2006 @ 06:58 pm EET     Print     Reprint     E-Mail     Comments

JOHANNESBURG (Reuters) - South African mining exploration firm Teal said on Monday it had bought a furnace with a capacity to produce 5,000 tonnes of copper per annum.

Click to Enlarge chief executive Rick ...

The furnace will be located in Lubumbashi in the Democratic Republic of Congo and material feed for the furnace will be derived from Teal's Kalumines Copper-Cobalt Project about 20 km from Lubumbashi.

Capital expenditure to buy and revamp the furnace is expected to total $4 million and will be funded using Teal's existing cash resources, the company said in a statement.

"We expect that the new furnace will be commissioned during the first quarter of 2007," chief executive Rick Menell said.

Teal Exploration & Mining Inc., which listed in Toronto last year and the Johannesburg bourse in March, has two projects in Zambia and one each in Namibia and the Democratic Republic of Congo.