|By PR Newswire||
|February 13, 2013 08:01 AM EST||
ZUG, SWITZERLAND, Feb. 13, 2013 /CNW/ - Katanga Mining Limited (TSX: KAT) ("Katanga" or the "Company") today announces its financial results for the 2012 fiscal year end. Katanga's Financial Statements and Management's Discussion and Analysis will be filed under its profile on SEDAR at, www.sedar.com.
Highlights during the year ended December 31, 2012
As announced previously by Katanga:
- On March 29, 2012, the Company announced that it concluded agreements to secure the development of power supply ("Power Project") for its copper and cobalt mine complex in the Democratic Republic of Congo ("DRC") sufficient to take production to 310,000 tonnes per annum by 2015 as the Updated Phase 4 Expansion Project of Katanga's mineral project ("Updated Phase 4 Expansion Project") is implemented.
- On December 13, 2012, the Company announced the satisfaction of the conditions precedent to draw down from its previously announced $515.5 million senior secured facility between among others, a Company subsidiary, as borrower, the Company and other subsidiaries as guarantors, and the Glencore plc Group, as the lender.
- On December 20, 2012, the Company announced the successful production of the first copper cathodes from the newly commissioned facilities as part of the Updated Phase 4 Expansion Project. The new facilities include the first Solvent Extraction ("SX") train with an annual capacity of 100,000 tonnes of copper and the first 144 Electro-Winning ("EW") cells with an annual capacity of 40,000 tonnes of copper. In addition, the Company announced that the new convertor, as part of the World Bank power project, and the new synchronous condenser, as part of the refurbishment of the DRC's power systems, were commissioned and in use as of December 17, 2012. This equipment helps to increase and stabilise power capacity in the region. With the installed convertor and synchronous condenser, the DRC electricity provider, La Société Nationale d'Electricité ("SNEL") is in a position to increase electricity transmission from the Inga power plant, therefore improving the reliability of supply to the Company's operations.
As previously announced:
- During 2012, the Company mined 5,544,701 tonnes of ore (a 22% increase over 2011) at a grade of 4.12% resulting in contained copper in ore mined of 228,606 tonnes.
- Ore mined and hoisted at KTO Underground Mine during 2012 was a record 1,838,616 tonnes, a 14% increase over 2011. The average copper grade of ore mined from KTO Underground Mine during 2012 was 3.60%.
- Ore mined at KOV Open Pit during 2012 was a record 3,706,085 tonnes, a 47% increase over 2011. The average copper grade of ore mined from KOV Open Pit during 2012 was 4.38%.
- The Kamoto East Pit was dewatered with 6.6 million cubic metres of water having been removed. The Kamoto East Pit dewatering allows for more efficient and cost effective waste management and the potential development of the Kamoto East mineral resource using underground mining methods.
As previously announced:
- Ore milled at the Kamoto Concentrator ("KTC") during 2012 was a production record of 4,612,328 tonnes, an increase of 13% compared to 2011.
- Notwithstanding the power availability issues detailed below, copper produced in metal and concentrate for 2012 totalled a production record of 92,963 tonnes, an increase of 2% compared to 2011.
- Cobalt produced totalled 2,129 tonnes for 2012, a decrease of 13% compared to 2011.
- Copper and cobalt production continued to be adversely affected by recurrent general power disruptions in the DRC. During 2012, approximately 1,609 production hours were lost across the operation due to power disruptions, of which 421 hours were lost in Q4 2012. This amounts to approximately 67 days of lost production and includes the time from the power disruption until equipment is operating at pre-power disruption capacity. The lost production time excludes the adverse impact on equipment availability due to the unplanned shut downs and subsequent start ups of the equipment due to the power disruptions. With the commissioning in mid-December 2012 of the World Bank convertor and the Power Project synchronous condenser, power disruptions have decreased. In the medium to long term, improvements in infrastructure as a result of the Power Project are expected to improve the reliability and stability of electricity supplies generally.
Selected Financial Results
- Total sales for 2012 were $600.5 million, a 5% increase over 2011.
- The sales value of oxide concentrate available to be shipped but not invoiced as at December 31, 2012, amounted to approximately $144.3 million and the sales value of copper nodules available to be shipped as at December 31, 2012, amounted to approximately $24.5 million. Of the 16,455 tonnes of copper nodules available for export as at September 30, 2012, only 443 tonnes were still on site, and 4,237 tonnes were in transit as at December 31, 2012.
- For the year ended on December 31, 2012, the Company earned a net income attributable to shareholders of $44.1 million (2011 - $130.8 million).
- Cash and cash equivalents as at December 31, 2012, amounted to $57.0 million (2011 - $57.1 million).
As previously announced:
- Mechanical completion of the Updated Phase 4 Expansion is expected in the third quarter of 2013 which will enable Katanga to both increase total processing capacity as well as upgrade the quality of copper produced through the application of modern technologies.
- The first phase of the feasibility study for the potential T17 underground mine is expected to be completed during the second quarter of 2013. This will potentially allow for the exploitation of additional T17 mineral resources below the bottom of the current open pit using underground mining techniques.
About Katanga Mining Limited
Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt. The Company has the potential to become Africa's largest copper producer and the world's largest cobalt producer. Katanga is listed on the Toronto Stock Exchange under the symbol KAT.
Forward Looking Statements
This press release may contain forward-looking statements, including, but not limited to, the increase in copper and cobalt production levels, and the anticipated decrease in power disruption relating to the upgrade in power infrastructure, the mechanical completion of the Updated Phase 4 Expansion, the completion of the upgrade in power infrastructure, the commencement of mining at the extension to the T17 Open Pit and the completion of the feasibility study for the potential T17 underground mine. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
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, 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 Tim Henderson, Technical Consultant, Katanga and a 'Qualified Person' as such term is defined in National Instrument 43-101. Mr. Henderson has reviewed and approved the contents of this press release.
SOURCE Katanga Mining Limited
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
Apr. 19, 2015 06:30 PM EDT Reads: 702
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
Apr. 19, 2015 06:00 PM EDT Reads: 742
With IoT exploding, massive data will transform businesses with opportunities to monetize almost anything that can be measured. In this C-Level Roundtable Discussion at @ThingsExpo, Brendan O’Brien, Aria Systems Co-founder and Chief Evangelist, will lead an expert panel of consultants, thought leaders and practitioners who will look at these new monetization trends, discuss the implications, and detail lessons learned from their collective experience. Finally, the panel will point the way forward for enterprises who wish to leverage the resulting complex recurring revenue models, adding valu...
Apr. 19, 2015 05:00 PM EDT Reads: 1,457
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Software Development, Product Management and Product Marketing, applied across Wireless, Unified Communic...
Apr. 19, 2015 04:00 PM EDT Reads: 1,605
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...
Apr. 19, 2015 02:00 PM EDT Reads: 1,433
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
Apr. 19, 2015 12:00 PM EDT Reads: 1,502
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
Apr. 19, 2015 12:00 PM EDT Reads: 1,119
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Apr. 19, 2015 12:00 PM EDT Reads: 2,098
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015 at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from ...
Apr. 19, 2015 08:45 AM EDT Reads: 2,424
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Apr. 19, 2015 08:30 AM EDT Reads: 5,636
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Apr. 19, 2015 08:15 AM EDT Reads: 3,717
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
Apr. 19, 2015 08:00 AM EDT Reads: 1,640
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Apr. 19, 2015 08:00 AM EDT Reads: 4,899
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool f...
Apr. 19, 2015 07:30 AM EDT Reads: 1,514
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Apr. 19, 2015 07:00 AM EDT Reads: 2,308
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
Apr. 19, 2015 07:00 AM EDT Reads: 2,339
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
Apr. 19, 2015 06:45 AM EDT Reads: 2,559
SYS-CON Events announced today that On the Avenue Marketing Group, a sales and marketing firm that utilizes events to market and sell products to consumers, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. On the Avenue Marketing Group (OTA) is a sales and marketing firm that utilizes events to market and sell products to consumers. On behalf of our clients, we attend thousands of fairs, festivals, expos, concerts, conferences, and sporting events annually, helping them reach millions of individuals ...
Apr. 19, 2015 06:30 AM EDT Reads: 3,187
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company’s core communications platform enables the delivery of a range of enterprise and consumer calling...
Apr. 19, 2015 06:30 AM EDT Reads: 2,214
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that prevent them from doing so. The Company is uniquely positioned to help address these challenges thro...
Apr. 19, 2015 06:15 AM EDT Reads: 2,804