ZUG, Switzerland, Aug. 16, 2017 /CNW/ - Katanga Mining
Limited (TSX: KAT) ("Katanga" or the
"Company") today announced that its previously disclosed
application for a management cease trade order ("MCTO")
under National Policy 12-203 ("NP 12-203") has been approved
by the Ontario Securities Commission ("OSC"). The MCTO
prohibits the directors and executive officers of the Company from
trading in or acquiring securities of the Company until two full
business days after the Company's 2017 second quarter filings and
previously disclosed restated financial statements and related
management's discussion and analysis ("MD&A") are
filed. The MCTO does not affect the ability of other persons
to trade in the common shares of the Company.
As previously disclosed, the Company intends to satisfy the
provisions of the "alternative information guidelines" as set out
in NP 12-203, including the requirement to file bi-weekly status
reports in the form of news releases containing prescribed updating
information, until the Company's 2017 second quarter filings and
restated financial statements and MD&A are filed.
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. 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.
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: the length of the delay in filing the 2017 second
quarter filings, the expected timing of completion of the
restatement of the Company's historical financial statements, the
maintenance by the OSC of an MCTO rather than a full cease trade
order or any other action to be taken by securities regulatory
authorities in light of the review of the Company's historical
accounting, the operations of the Company during the production
suspension and timeline for the recommencement of operations
remaining consistent with management's expectations, there being no
significant disruptions affecting the operations of the Company
whether due to labour disruptions, supply disruptions, power
disruptions, rollout of new equipment, 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 operations, the
completion of the T17 Underground Mine, the WOL Project and the
Power Project (as defined in the Company's Annual Information Form
for the year ended December 31, 2016
dated March 31, 2017); new equipment
performs to expectations; the exchange rate between the US dollar,
South African rand, British pounds, Canadian dollar, Swiss franc,
Congolese franc and Euro being approximately consistent with
current levels; certain price assumptions for copper and cobalt;
prices for diesel, natural gas, fuel oil, electricity and other key
supplies being approximately consistent with current levels;
production, operating expenses and cost of sales forecasts for the
Company meeting expectations; the accuracy of the current ore
reserve and mineral resource estimates of the Company (including
but not limited to ore tonnage and ore grade estimates); and labour
and material costs increasing on a basis consistent with the
Company's current expectations.
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, unfavourable conclusions of the Independent
Directors' review, unforeseen action taken by the OSC or
other securities regulatory authorities, the unforeseen delays or
changes to the WOL Project; 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.
SOURCE Katanga Mining Limited