Keywords : Cameroon | Cobalt |

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Geovic plans to have finance in place by mid-2010

London
27 May 2009

www.metalbulletin.com

Geovic Mining plans to have finance in place for its Nkamouna cobalt-nickel-manganese project in Cameroon by the middle of 2010, chief operating officer David Beling said.

If it meets that target, full production at the project will begin by the end of 2012, he told MB.

"We're targeting having financing in place by the middle of 2010, though there are no facts or firm projections yet, but it's achievable for both debt and equity," he said.

"With [financing] in place we'd target being in full production by the end of 2012," Beling said this week. "But if financing got delayed, so would production. We're not going to start building without the cash to complete it."

An official from the company told MB earlier this year that Geovic had delayed the start of construction at Nkamouna from 2010 because of the global economy (MB Mar 25).

But one effect of the recession has been that capital costs have dropped to around $350 million this year from $420 million-430 million in 2008, Beling said.
This is a result of lower costs for key construction components, and adaptations to Geovic's plans, such as using a diesel power plant rather than a combined heat and power plant.

Geovic - which owns 60.5% of the project, while Cameroonian interests hold the remaining stake - expects to raise 70% of the cash it needs through debt and the rest through equity, he said.

The equity raising will be split proportionally by Geovic and its Cameroonian partners.

The company is talking with a range of companies about finance and marketing, involving banks, agents, end-users and other principals.

"We have been in discussion with potential financiers in Europe and Asia for some time," he said.

It is too early to discuss possible offtake partners in detail, Beling said.
"A lot of people interested in off-takes are also interested in debt and equity finance. Any of them [agents, end-users, other principals] can be acceptable but it all depends on the conditions of the deal," he said.
"We're not interested in taking a haircut to get a financing or marketing deal in place," he added.

The company plans to produce 4,000-5,000 tpy of cobalt contained in oxide, carbonate or powder, the last of which it could turn into briquettes.

It will also produce 3,000 tpy of nickel contained in carbonate and around 50,000 tpy of manganese as a high-purity carbonate.

"We do have a substantial resource and we will be a substantial primary producer of primary cobalt for some time. A lot of the pieces of this 1,000-piece puzzle are put together and you can see a pretty solid picture," Beling said.

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For more information please contact:

Keith Schaefer
Vanguard Shareholder Solutions
Tel: 604 608 0824
Toll Free: 1 866 891 9756

www.geovic.net

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Geovic Mining Corp.

	DEVELOPMENT STAGE
	CODE : GMC.TO

	CUSIP : 373686 10 4

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Geovic is a nickel and copper development stage company based in United states of america.

Geovic develops nickel, copper, cobalt and manganese in Cameroon.

Its main asset in development is NKAMOUNA in Cameroon and its main exploration properties are NEW CALEDONIA LICENCES in New Caledonia and EAST MADA in Cameroon.

Geovic is listed in Canada. Its market capitalisation is CA$ 2.1 millions as of today (US$ 1.9 millions, € 1.4 millions).

Its stock quote reached its highest recent level on January 04, 2008 at CA$ 1.80, and its lowest recent point on December 03, 2014 at CA$ 0.01.

Geovic has 106 720 000 shares outstanding.

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Geovic Mining Corp.

Metal Bulletin - Geovic plans to have finance in place by mid-2010

Geovic Mining Corp.