TORONTO, ONTARIO -- (Marketwire) -- 03/28/13 -- Ivanplats Limited (TSX: IVP) today announced its financial results for the year ended December 31, 2012. All figures are in US dollars unless otherwise stated.
HIGHLIGHTS FROM 2012 AND Q1 2013
-- On October 23, 2012, Ivanplats successfully closed its initial public offering (IPO) and the Common Shares began trading on the Toronto Stock Exchange under the symbol IVP. The overall aggregate equity issued in connection with the IPO was approximately $509 million, which included $197 million from the conversion of pre-IPO bonds.-- In January 2013, a new independent resource estimate more than doubled high-grade Indicated Mineral Resources at Ivanplats' Kamoa copper discovery in the Democratic Republic of Congo (DRC). Kamoa now ranks as Africa's largest high-grade copper discovery and the world's largest undeveloped high-grade copper discovery. This expansion of resources represents a major advance in Ivanplats' plans to bring the Kamoa Copper Project into production.-- Also in January 2013, Ivanplats appointed senior mining executive Steve Garcia to lead the company's mine-building team in Africa. The roster of executive appointments also included Andre Zeelie, Gopolang Enoch Makokwe and Jeremy Michaels.-- In March 2013, a new independent resource estimate significantly expanded and upgraded the mineral resources at the Flatreef Discovery on Ivanplats' Platreef platinum, palladium, gold & rhodium (4PE), nickel and copper project on the Northern Limb of South Africa's Bushveld Complex. The Flatreef averages 24 metres in true thickness at a 2.0- gram-per-tonne (g/t) 3PE cut-off grade and is potentially amenable to large-scale, mechanized underground mining. The thick Flatreef mineralization remains open for expansion, with approximately 37.5 square kilometres of property untested.
Principal Projects and Review of Activities
Ivanplats, with offices in Canada, the United Kingdom and South Africa, is advancing and developing its three principal projects:
-- The Kamoa copper discovery in a previously unknown extension of the Central African Copperbelt in the DRC.-- The Platreef Discovery of platinum-group elements, nickel, copper and gold on the Northern Limb of the Bushveld Complex in South Africa.-- The historic, high-grade Kipushi zinc-copper mine, also on the Copperbelt in the DRC and now being dewatered and refurbished to support a future return to production of copper, zinc and other metals following a care-and-maintenance program conducted between 1993 and 2011.
Ivanplats also is evaluating other opportunities as part of its objective to become a broadly based, international mining company.
1. Kamoa95%-owned by IvanplatsDemocratic Republic of Congo (DRC)
Kamoa is world's largest undeveloped high-grade copper discovery
The Kamoa Project is a newly discovered, very large, stratiform copper deposit with adjacent prospective exploration areas within the Central African Copperbelt, approximately 25 kilometres west of the town of Kolwezi and about 270 kilometres west of the provincial capital of Lubumbashi. Ivanplats holds its 95% interest in the Kamoa Project through a subsidiary company, African Minerals Barbados Limited SPRL (AMBL). A 5%, non-dilutable interest in AMBL was transferred to the DRC government on September 11, 2012, for no consideration, pursuant to the DRC Mining Code. The Company also has offered to sell an additional 15% interest to the DRC government on commercial terms to be negotiated.