Glencore secures power in DRC
2nd Apr 2012
BAAR, Switzerland, Apr 2 – Integrated commodities giant Glencore International says it has secured power supply for future substantial production growth in its copper projects in the Democratic Republic of Congo. Glencore owns 75% of Katanga (which in turn owns 75% of Kamoto Copper Company), 40% of Mutanda and 37.5% of Kansuki in the DRC.
Kamoto Copper signed agreements with national electricity utility Société Nationale d'Électricité and engineering contractors to refurbish DRC power generating, transmission and distribution systems that would allow a progressive increase in power availability to 450mW for Katanga, Mutanda and Kansuki Sprl by the end of 2015.
Each of the three projects will pay $94.5M funding for the project, which commences this year, but will be reimbursed $87.3M through credits to power bills.
Glencore says the three projects currently consume 140mW of power but expect their needs to increase to 400mW by the end of 2015 as production increases to 310,000tpa at Katanga and 210,000tpa at Mutanda/Kansuki. Spare capacity will be available for SNEL to distribute.
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