|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
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 25, 2016 08:30 PM EDT Reads: 1,195
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 25, 2016 08:15 PM EDT Reads: 2,533
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 25, 2016 08:00 PM EDT Reads: 1,871
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices 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 y...
May. 25, 2016 06:00 PM EDT Reads: 1,885
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 25, 2016 05:45 PM EDT Reads: 458
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 25, 2016 05:00 PM EDT Reads: 1,721
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 25, 2016 05:00 PM EDT Reads: 872
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 25, 2016 04:45 PM EDT Reads: 946
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 25, 2016 04:00 PM EDT Reads: 1,193
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 25, 2016 03:45 PM EDT Reads: 2,122
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 25, 2016 02:45 PM EDT Reads: 1,439
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 25, 2016 02:15 PM EDT Reads: 2,130
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 25, 2016 02:00 PM EDT Reads: 1,143
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 25, 2016 01:45 PM EDT Reads: 961
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
May. 25, 2016 09:45 AM EDT Reads: 1,716
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
May. 25, 2016 04:45 AM EDT Reads: 2,444
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
May. 25, 2016 04:15 AM EDT Reads: 3,060
Korean Broadcasting System (KBS) will feature the upcoming 18th Cloud Expo | @ThingsExpo in a New York news documentary about the "New IT for the Future." The documentary will cover how big companies are transmitting or adopting the new IT for the future and will be filmed on the expo floor between June 7-June 9, 2016, at the Javits Center in New York City, New York. KBS has long been a leader in the development of the broadcasting culture of Korea. As the key public service broadcaster of Korea...
May. 25, 2016 04:00 AM EDT Reads: 1,723
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 24, 2016 06:00 PM EDT Reads: 4,690
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
May. 24, 2016 04:00 PM EDT Reads: 2,388