Chris Jordinson, chief executive of Copper Resources Corporation (CRC), is discussing finance options for Congo's four billion lb MMK project.

AIM-quoted Copper Resources, chaired by Anglogold Ashanti president Sir Sam Jonah, has 75 per cent of the MMK (Kinsenda) project in Congo's mineral-rich Katanga province. The company, which has previously raised funds at well below today's 96p share price, is talking to banks in South Africa and elsewhere about £21 million of finance for the project. It maintains that it could be in production within 18 months at a cash extraction cost of 68 cents a lb — against a market price of around $2.60.

CRC was steered to MMK by the local Forrest business dynasty, which now holds some 40 per cent of the company and would be well placed to point other projects in its direction. MMK, formerly mined by other groups, is close to good infrastructure and to other copper prospects.

Outside Congo, CRC has a promising copper project at Hinoba-An in the Philippines and another at Haib in Namibia. The company was floated on AIM a year ago with a £3.4 million net placing at £1.

The shares performed badly and Growth Company Investor highlighted their speculative possibilities at 45p in September. Now 96p, valuing the company at £45 million, they could go further in the medium term, though partial profit-talking might be prudent.

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Copper Resources Corporation	AIM	£12.89m	15.00p	0.00p
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