ZUG, Switzerland, Sept. 26, 2017 /CNW/ - Katanga Mining
Limited (TSX: KAT) ("Katanga" or the
"Company") today is providing a status update in accordance
with its obligations under the alternative information guidelines
set out in National Policy 12-203 – Management Cease Trade
Orders ("NP 12-203"), which require the Company to
provide bi-weekly updates until such time as the Company is current
with its filing obligations under Canadian securities laws. As
previously announced, the Company is subject to a management cease
trade order ("MCTO") issued by the Ontario Securities
Commission. 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 are
filed.
The Company advises that: (i) there have been no material
changes to the information contained in the Company's July 31, 2017, August 14,
2017, August 29, 2017 and
September 12, 2017 news releases;
(ii) it intends to continue to comply with the alternative
information guidelines of NP 12-203; and (iii) except as previously
disclosed, there are no subsequent specified defaults (actual or
anticipated) within the meaning of NP 12-203.
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 Ontario Securities Commission ("OSC") of a
management cease trade order 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, a delay in the expected timing of completion of the
previously announced Independent Directors' review; unfavourable
conclusions of the previously announced Independent
Directors' review; a delay in completing the restatement of
the Company's historical financial statement; unforeseen action
taken by the Ontario Securities Commission or other securities
regulatory authorities; 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