Zambia

The Company’s operating subsidiary in Zambia is Katanga Resources Limited, which has a staff complement of about 20 people, including long-term contractors. Katanga’s office is in the capital, Lusaka.

Our projects in Zambia are Mkushi Copper Mines; Mokambo and Ndola in the Copperbelt; Sasare Eagle Eye; and Lunga.

Mkushi Project

African Eagle is developing former open pit and underground mines at Mkushi Copper Mines in central Zambia in joint venture with CGA Mining Limited. A pre-feasibility report was completed in January 2008 and the components of a definitive feasibility study were in place in Q4 2008. The decision to develop the mine has been deferred, however, in view of the turbulent global markets and uncertain fiscal regime in Zambia.

Mokambo Project

The Mokambo Project contains mineral deposits which were discovered in the 1950s. It is situated 90km northeast of Ndola in the Zambian Copperbelt and forms a narrow strip running along the border between Zambia and the Democratic Republic of Congo (DRC). African Eagle has conducted surface surveys and drilling, and has computerised all the previous exploration data.

Ndola Project

African Eagle has identified four copper targets within the large Ndola Project, which is located in the southern part of Central African Copperbelt in Zambia. One of these is a deposit known since the 1960s; the other three were identified from the Company’s own exploration results.

Sasare Eagle Eye Project

The Sasare Eagle Eye Copper-Gold Project, which lies in eastern Zambia, 450km from the capital city, Lusaka, contains a large iron-oxide-copper-gold (IOCG) system and Karoo-hosted uranium mineralisation.

Lunga Project

The Lunga Project contains multiple targets including copper-gold and uranium mineralisation. The project is located in the Lunga Basin in Central Zambia, approximately 320km northwest of the capital city, Lusaka and 200km southwest of the Zambian Copperbelt.

About Zambia

The Republic of Zambia, a landlocked country in Southern Africa slightly larger than the US state of Texas, is bordered by eight other countries, all members of the Southern African Development Community (SADC). The country has a long history of mining, based mainly on the prolific Central African Copperbelt, which Zambia shares with the Democratic Republic of Congo (DRC). In recent years, deposits of other minerals have been developed, including nickel, uranium and gold. Zambia is the second most urbanised country in sub-Saharan Africa, after South Africa, and has a large and well educated professional class and vibrant capital markets.

Mineral regime

In April 2008, the Government of Zambia enacted new mining legislation. This is based closely on the previous Mines and Minerals Act (1995), which had abolished mandatory state participation and simplified licensing procedures and minimised constraints on prospecting and mining activities, creating a favorable inward investment environment. The new 2008 Act introduces a simplified "cadastral" mineral title system and reserves small-scale mining for companies in which the majority interst is held by Zambians.

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