Omico Mining Corp says production at the Omitiomire copper project in Namibia is projected to average 26,800 tonnes annually.
The miner has completed a Bankable Feasibility Study (BFS) for the project, which is expected to produce an average of 26,800 tonnes of copper cathode per year over a 15-year mine life, with peak production reaching 32,000 tonnes in the second year.
According to Omico’s Project Manager, Mike Stuart, a key innovation in the project is the use of chloride heap leaching, a method commonly applied in South America.
The technique, which involves adding salt to sulphide ores to aid copper extraction, has been shown to work effectively on Omitiomire’s chalcocite-rich ore.
“The study envisages an open-pit mine producing 381,650 tonnes of copper cathode over 15 years at an all-in sustaining cost (AISC) of US$6,133 per tonne of copper. The average copper production would be 26,800 tonnes per annum, with a peak of 32,000 tonnes in the second year of operation,” he said.
The BFS, conducted by a team of South African and Namibian consultants, presents strong financial projections.
The open-pit mine is expected to generate 381,650 tonnes of copper cathode, with a post-tax net present value (NPV) of N$4.12 billion (US$224 million) and a post-tax internal rate of return (IRR) of 18%.
The project’s all-in sustaining cost is estimated at N$116,619.20 (US$6,133) per tonne of copper.
Omico Mining, which is registered in Mauritius, holds a controlling stake in the Omitiomire project and has invested heavily in its advancement.
The BFS was completed after extensive metallurgical trials, which demonstrated the project’s feasibility and promising recovery rates.
The mine is also designed to minimize environmental impact, with a comprehensive environmental and social management plan already in place.
The Omitiomire deposit is located approximately 140 km northeast of Windhoek. It was first discovered in the 1970s and has since undergone various exploration and development efforts.
The project has been de-risked and is now ready for implementation, with a mining license valid until 2036. Omico is currently seeking a strategic partner to help bring the project into production
