ZUG, Switzerland, April 15, 2019 /CNW/ - Katanga Mining Limited
(TSX: KAT) ("Katanga" or the "Company") today announces that its
75%-owned DRC subsidiary Kamoto Copper Company ("KCC") has resumed
the export and sale of a limited quantity of cobalt that complies
with both international and local Democratic Republic of Congo ("DRC") transport
regulations with respect to the levels of uranium (the "Applicable
Regulations").
In Q4 2018, the Company announced that KCC had temporarily
suspended the export and sale of cobalt due to the presence of
uranium detected in the cobalt hydroxide at levels that exceed the
acceptable limit allowed for export of the product through main
African ports to customers. The low levels of radioactivity
detected in the uranium to date do not present a health and safety
risk.
While KCC, together with the Company and KCC's 25% shareholder,
DRC state-owned La Générale des Carrières et des Mines
("Gécamines"), have been working with the DRC government's Ministry
of Mines and the Congolese Atomic Energy Agency (CGEA) on a
long-term technical solution in the form of an ion exchange plant
(the "Ion Exchange Plant"), KCC has also been exploring various
alternative interim solutions, both operational and regulatory, to
recommence the export and sale of cobalt.
Through interim operational solutions, KCC has produced
approximately 930 tonnes of contained cobalt that complies with
Applicable Regulations since January
2019. This represents approximately 22.5 percent of the
total production of contained cobalt since January 2019. As confirmed by the competent DRC
authorities, KCC will resume the export of its cobalt hydroxide
complying with the Applicable Regulations with immediate effect.
Such resumption of exports remains subject to the regular DRC
export procedures, which include the continued monitoring by CGEA
and by the relevant mining authorities.
KCC will continue to focus on implementing the interim
operational solutions while it processes the Ion Exchange
Plant.
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. Although the Company believes that these assumptions
are reasonable, these assumptions are not exhaustive of factors
that may affect any of the forward-looking statements.
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. 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