Highlights during the three and six months ended
•During the three months ended
•Ore milled at the Kamoto Concentrator ("KTC") during Q2 2014 was a record 1,527,708 tonnes, an 11% increase over Q2 2013. Ore milled at KTC during H1 2014 was a record 3,041,924 tonnes, a 16% increase over H1 2013. •In Q2 2014, 187,357 tonnes of concentrate (13% higher than Q2 2013) containing 43,107 tonnes of copper (14% higher than Q2 2013) were produced. In H1 2014, 348,344 tonnes of concentrate (11% higher than H1 2013) containing 79,422 tonnes of copper (11% higher than H1 2013) were produced. •Copper produced in metal and concentrate for Q2 2014 totalled a record 41,026 tonnes, a 30% increase over Q2 2013. Copper produced in metal and concentrate for H1 2014 totalled 72,600 tonnes, a 20% increase over H1 2013. •Cobalt metal produced totalled 523 tonnes for Q2 2014, a 25% decrease from Q2 2013. Cobalt metal produced totalled 1,001 tonnes for H1 2014, a 2% decrease from H1 2013. •In Q2 2014, the Company commissioned: •KTC reagent preparation plant and dosing and distribution systems, improving recoveries and decreasing costs; •Lime and sodium-metabisulfite plants at
•As part of the Updated Phase 4
•Total sales for Q2 2014 were
•Operational ramp up is expected to continue with: the expected completion of the Phase 5 project in Q4 2014; identified operational improvements leading to higher metal recovery rates; and additional steps to mitigate ongoing power issues, all leading to further reductions in C1 costs as a result of increased volume. •KOV fleet dispatch tracking system is planned to be deployed in Q3 2014, and is expected to increase control over tracking and dispatch of open pit mobile equipment. •During H2 2014, KTC plans to install a slurry analyzer which is expected to assist in rapid determinations of the mineral composition of the slurry before floatation, allowing a more precise and optimal reagent mix. •During Q3 2014, the installation of a 10 megawatt diesel co-generation plant is expected to result in increased back-up generator capacity and decreased electricity availability issues. •During H2 2014, the construction of two heap leach pads is expected to add further capacity for the treatment of low grade material. •During H2 2014, additional pregnant leach solution and raffinate ponds are to be added to the current process flow at Luilu, in order to split the ponds into high and low grade solution which is expected to drive higher recoveries and lower reagent consumption in the leach and neutralisation phase.
Forward Looking Statements
This press release may contain forward-looking statements, including, but not limited to, the increase in copper and cobalt production levels, the completion of the Phase 5 Project and the expected benefits derived there from, the expectation that improvements at KOV will increase ore and waste mining capacity, reduce contractor dependency, accelerate development and reduce cost, the expectation that the deployment of the fleet dispatch tracking system at KOV will increase control over tracking and dispatch of open pit mobile equipment, plans to install a slurry analyzer at KTC, the installation of a 10 MW diesel co-generation plant, which is expected to result in increased back-up generator capacity and decreased electricity availability issues, the construction of two heap leach pads, the installation of additional pregnant leach solution and raffinate pond at Luilu, with the expected result of higher recoveries and lower reagent consumption, the expectation the new waste trucks at KTO will accelerate development, reduce contractor dependency and overall haulage and backfill costs, and the ongoing development of
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: there being no significant disruptions affecting the operations of the Company whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at the Project being consistent with the Company's current expectations; continued recognition of the Company's mining concessions and other assets, rights, titles and interests in the DRC; political and legal developments in the DRC being consistent with its current expectations; the continued provision or procurement of additional funding from Glencore for the completion of the Phase 5 Project, the
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the actual results of current exploration activities; actual results and interpretation of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of copper and cobalt; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, development or construction activities, delays due to strikes or other work stoppage, both internal and external to the Company as well as those factors disclosed in the Company's current annual information form and other publicly filed documents. Although Katanga has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
This press release and the information forming the basis hereof was prepared under the supervision of
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