Simberi Mining Corporation is a junior resources company that seeks to invest in a limited number if base metal and gold properties that are in advanced exploration stages with the potential to become a producing operation within a short timeframe.

Simberi's main property is the Kakanda Copper-Cobalt project in the Democratic Republic of Congo, a world class copper/cobalt deposit in the Central African Copper Belt.

In addition, Simberi has two joint venture exploration projects in Western Australia.

Kakanda Resources Tonnes (mm) Cu% Co% Contained Copper (million lbs) Contained Cobalt (million lbs)
Tailings
(Indicated)
18.4 1.22 0.15 494.7 60.8
Hard Rock
(Inferred)
11.3 3.25 0.20 809.4 49.8
 

The DRC is potentially one of the richest mining countries in Africa. The copper, cobalt and diamond mining industries have the potential to be the largest on the continent, while the gold mining industry also has excellent potential.

The country was the world's fourth largest producer of industrial diamonds during the 1980s, and diamonds continue to dominate exports, accounting for over half of exports (US$899 million) in 2003. The DRC's main copper and cobalt interests are dominated by Gécamines, the State-owned mining giant.

New mining contracts have been approved recently, which, combined with high mineral and metal prices, could improve the DRC's fiscal position and GDP growth. The renewed interest by the international mining industry in the DRC has been as a result of the 2003 implementation of the new DRC Mining Code, which was drafted in conjunction with the World Bank. The Mining Code provides the PR holder with broad access to explore its properties under a transparent and efficient permit process. In the case of diamond exploration, the Mining Code gives the PR holder exclusive rights for a period of four years, renewable for two additional two-year periods. On discovery of an economically viable deposit, the holder can apply for a Permit of Exploitation.

The Katanga province is part of the Central African Copperbelt, which extends from Angola through the DRC into Zambia. Reserve estimates from the copperbelt total 55.5 Mt of copper and 3.6 Mt of cobalt. However, since 1993 production in the DRC has stagnated with total capacity utilisation estimated at less than 10 percent. State-owned Gécamines has attempted to improve its declining production by promoting several ailing mines and projects to foreign investors.