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Kingamyambo Musonoi Tailings SARL
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 24920
Congo, Democratic Republic of
Environmental categoryA
Date SPI disclosedApril 24, 2009
Projected board dateJune 24, 2009
View Environmental & Social Review Summary (ESRS), click here
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Project description
First Quantum Minerals Ltd (“FQM”) is a TSX and LSE listed mining and metals company focused on Africa. It owns 65% of Kingamyambo Musonoi Tailings SARL (''KMT''), which is the project company of the Kolwezi tailings project (the “Project”).

The Kolwezi project involves the construction of a copper and cobalt processing plant and associated facilities to process tailings in Katanga province of the Democratic Republic of Congo (“DRC”). These tailings were produced in the 1950s from mining operations that, due to the poor recovery rates obtained at the time, discharged valuable amounts of copper and cobalt resources into the tailings dam. The Kolwezi tailings are located in two deposits – the Kingamyambo tailings dam and the Musunoi river tailings. Currently, the dam consists of 112 million tonnes grading 1.49% copper and 0.29% cobalt (total metal content is estimated at 1,676,000 tonnes of copper and 363,000 tonnes of cobalt). The Project will produce about 70,000tpa of copper metal and up to 14,000tpa of cobalt hydroxide.

IFC contributed about US$4.5 million in equity funding (for a 7.5% equity stake in KMT) during the first phase of this project which involved the preparation of a bankable feasibility study. Other shareholders of KMT are; the DRC Government – 5%, Gécamines (a State-owned entity) – 12.5%, and the Industrial Development Corporation (“IDC”) of South Africa – 10%.

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