Red Mountain Mining, LTD (ASX: RMX) has announced that it is ready for exploratory mining at its Mukabe-Kasari Cobalt-Copper Project in the Democratic Republic of Congo, or DRC. The DRC, specifically in the Central African Copper Belt, supplies the largest portion of the world’s cobalt supply. The already discovered mineralization at the project site implies the site offers great potential to the fledgling mining company.
The project is located in the Central African Copper belt, specifically 116 square kilometers lying in the Congolese border. RMX reports that it is ready to begin its exploration program by the end of the month, having already secured funding and finished its due diligence on the project. Design of the project utilized consultation from technical advisers of CSA Global Pty Ltd.
The project is located 70km north of the Tenke-Fungurume Copper-Cobalt mine, 250km northwest of Lubumbashi and approximately 150 km from Ivanhoe Mine’s (TSE:$IVN) Kamoa-Kakula project.
As mentioned above, the company had already acquired the $735,000 in capital it needed to fund the exploration. They have also finished due diligence on the tenure package to ensure there is an opportunity for sufficient scale, scope future, and assessing geological prospects.
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