Companies: CFM   

Central African Mining & Exploration Company (CAMEC) is achieving impressive sales of cobalt and copper from Congo's Katanga Province.

AIM-quoted CAMEC, founded and headed by the entrepreneurial Phil Edmonds, says its 75 per cent-owned Congo Resources joint venture sold 485 tonnes of cobalt metal and 102 tonnes of copper last month, which resulted in turnover of nearly £4 million for February. That compares with CAMEC's own turnover of £372,300 in the six months to September and £805,000 for all of 2005, down from £2.85 million in 2004.

CAMEC, which raised £29 million last month in a 30p placing, is doubling capacity at its Luita processing facility and building a 20,000 copper plant as well. The company says it has made arrangements for an 'extensive drilling programme' at selected copper and cobalt deposits in its Katanga concession.

CAMEC shares, whose speculative potential at 10.75p was noted by Growth Company Investor last July, were 2.25p up at 47p this morning, valuing the company at £405 million. Partial profit-taking might be prudent, but there should also be more growth to come.

Central African Mining & Exploration Company	AIM	£95.33m	3.40p	0.23p
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Miners wait for the call			31/03/2008
Still scrambling for Africa			07/02/2008
CAMEC plans new Congo deal			07/02/2008
Congo miners plan £2bn merger			06/11/2007