Omico Copper Corp anticipates creating 800 to 1.000 jobs at the Omitiomire project.
The Omitiomire Project is a greenfield project approximately 140 km northeast of Windhoek.
The project can be long-life, low-capital-intensive, with a Canadian Institute of Mining-proven probable reserve of 102.1 million tons at 0.51% total copper for 515,464 tons of contained copper (0.15% Cu cut-off grade).
Omico, through its 95%-owned Namibian subsidiary, Craton Mining and Exploration, holds mining licence 197 and EPL8550, together with a 30,000-ha licence area that makes up the Omitiomire Copper Project.
The mining licence is valid until March 2036, while EPL 8550 is valid until September 2025.
Omico is a joint venture between Greenstone Resources LP, a private equity fund, and International Base Metals Limited, an Australian natural resources unlisted public company.
According to a just-completed bankable feasibility study, the Omitiomire Copper Project could produce 611.5 million tons with 102.1 million tons processed, recovering 381,700 tonnes of copper cathodes over the 15-year
During these 15 years, the mine would contribute US$500 million in royalties and corporate taxes.
Onsite facilities at the mine site will consist of the open pit, crushing and agglomeration plant, heap leach pad with grasshoppers for stacking and reclaiming, a ripios dump, SXEW processing plant, water and power supply and distribution systems, technical and operational support offices, warehousing, and accommodation facilities.
Ore will be sourced from the open pit with an overall LoM strip ratio of 5:1.
The single pit will be mined in seven distinct pushbacks while maintaining a constant supply of ore to the crusher.
The bench height will be 15 metres, with ore mined in 3×5 metres flitches. The oxide portion of the orebody represents approximately 6% of the total ore tons.
The heap leaching process design includes crushing all material types for leaching to a -8 mm P80 size.
Sulphide material will be leached with 11 g/t of salt on conventional dynamic heap leach pads. The oxide ore during the first year will be leached separately to produce the initial copper in solution as required for the process. Later, the oxide will be stacked and batch-treated, as it does not need salt addition.
The leach cycle time for sulphide ore is 119 days, and for oxide ore is 132 days.
After leaching, the spent ore will be reclaimed in a ripios dump.
The average annual water consumption is expected to be approximately 195 m3/h, and it will be supplied from the Summerdown aquifer, which is approximately 90 km east of the project.
The 25 MW electrical power requirement will be provided from the national grid, with up to 30% IPP solar.
Project operating costs include mine operation, process plant operation, and general and administrative expenses.
Mining operating cost estimates are based on a contract mining model with an owner’s technical services team managing mining activities and the mining contractor.
Process operating costs are based on owner management of the processing plant and all labour.
Copper cathodes will be produced directly onsite via heap leach and SXEW technology.
Recoveries are, on average, 73.5% of total copper for sulphide mineralisation and 85% for oxide mineralisation.
Total acid consumption is 9 kg/t for sulphide mineralisation and 40 kg/t for oxide mineralisation (oxides are approximately 6% of the total mineralisation).
Greenstone Resources LP partner Mark Sawyer said against a backdrop of scarce-quality copper projects and rising demand, the Bankable Feasibility Study has defined a highly compelling copper mining operation on a standalone basis.
“Undoubtedly, the Phase 4 metallurgical test work included in this bankable feasibility study will significantly enhance the Omitiomire business case. That impact can be gauged in the project’s robust economics and the contribution this generational asset is expected to make to our local communities for years to come,” he said.
