Lycopodium secures Nzuri contract

Local engineering company Lycopodium has been awarded a contract for design work at Nzuri Copper’s Kalongwe operation in the Democratic Republic of Congo.

Under the front-end engineering and design contract, Lycopodium will complete engineering, procurement and commercial services for the first stage of a proposed dense media separation plant at the project.

Lycopodium completed the first stage of a DMS definitive feasibility study in October last year and is currently conducting an economic assessment for a potential leaching process at Kalongwe.

Nzuri chief executive Mark Arnesen said the contract announcement was another step forward for the project.

“The board’s decision to award the Feed contract reflects our confidence in the Kalongwe Project and our desire to move the project forward as rapidly as possible to take advantage of current historically high cobalt and copper prices,” he said

“The activities to be undertaken as part of the Feed contract over the next three months will further significantly de-risk the project and put us in a position to move seamlessly to appoint an EPC contractor by the middle of this year.”

Shares in Nzuri were flat at 34 cents each while Lycopodium shares were up slightly at $4.94 at 330pm AEDT.