TIDMACU
RNS Number : 3800E
African Copper PLC
10 May 2013
10 May 2013
African Copper Plc
(AIM: ACU, BSE: African Copper)
African Copper production report for the fourth quarter and full
year fiscal 2013
Record copper produced in concentrate in FY 2013 up 37% year on
year
African Copper Plc ("African Copper" or the "Company"),
announces production of 2,429 Mt of copper in concentrate for the
fourth quarter of fiscal 2013 from its 100% owned mines in
Botswana.
Fourth Quarter and Full Year Production Highlights
-- Ore processed in Q4 of 164,588 Mt; a 7.4% decrease over prior
year's Q4 but increased copper recovery of 88.2% (Q4 FY2012: 45.8%)
resulted in copper produced in concentrate of 2,429 Mt; a 45.2%
increase over prior year's Q4.
-- Full year FY 2013 ore processed increased by 8.5% to 801,901
Mt despite 15 day shut down in Q1.
-- Full year FY 2013 copper recovery increased to 66.5% from 48.4% in the prior year.
-- Full year FY2013 copper produced in concentrate increased by 37.5% to 9,496 Mt
All of the ore processed at the Mowana facilities during FY 2013
was sourced from the higher grade sulphide ore rich Thakadu Mine.
Ore processed in the fourth quarter was lower than the third and
second quarters as a result of lower ore production following a
change in mining contractors which was highlighted during the third
quarter results announced on 24 January 2013. During March, ore
production improved, and mining took place in the wider, higher
grade eastern part of the Thakadu orebody as reflected by the March
copper grade. Copper recovery at the plant has continued to benefit
from the increasing proportion of sulphide ore, particularly during
March 2013 when a new production record of 1,314 tonnes of copper
in concentrate was achieved. In the three months reported below,
the proportion of sulphide ore processed increased to 80% of the
total from 54% in Q3 and 56% in Q2. Trucking operations from
Thakadu to the Mowana Mine processing facilities, a distance of
70km, ran to plan throughout the quarter and FY 2013.
Production levels for the three months ended 31 March 2013 are
set out below:
Description January February March Total Total Total
2013 2013 2013 Q4 2012/ Q3 2012/ Q2 2012/
2013 2013 2013
-------------------------------- -------- --------- ------- ---------- ---------- ----------
Ore processed (Mt) 41,180 52,933 70,475 164,588 215,383 250,023
-------------------------------- -------- --------- ------- ---------- ---------- ----------
Cu grade (%) 1.50 1.27 2.08 1.67 1.71 1.82
-------------------------------- -------- --------- ------- ---------- ---------- ----------
Recovery (%) 87.2 85.7 89.7 88.2 69.8 63.4
-------------------------------- -------- --------- ------- ---------- ---------- ----------
Concentrate produced
(Mt) 2,633 2,826 5,899 11,358 11,829 13,967
-------------------------------- -------- --------- ------- ---------- ---------- ----------
Copper produced in concentrate
(Mt) 540 575 1,314 2,429 2,577 2,882
-------------------------------- -------- --------- ------- ---------- ---------- ----------
Totals for the fiscal year ended 31 March 2013 in comparison
with prior years are presented as follows:
Description FY2012/13* FY 2011/12 FY 2010/11
-------------------------------- ----------- ----------- -----------
Ore processed (Mt) 801,901 738,921 632,981
-------------------------------- ----------- ----------- -----------
Cu grade (%) 1.78 1.93 1.37
-------------------------------- ----------- ----------- -----------
Recovery (%) 66.5 48.4 47.7
-------------------------------- ----------- ----------- -----------
Concentrate produced (Mt) 44,041 31,027 18,778
-------------------------------- ----------- ----------- -----------
Copper produced in concentrate
(Mt) 9,496 6,910 4,143
-------------------------------- ----------- ----------- -----------
* Production during the first quarter ended 30 June 2012 was
adversely affected by the failure of the mill pinion shaft which
caused production to be shut down for 15 days.
During December 2012 the mining contractor at Thakadu gave
notice of termination of contract, exiting from the mine during
January 2013. There was a resultant drop in ore mined during
December 2012 and into January 2013. A new mining contractor was
engaged during February and ore production ramped up during
February approaching more normal levels during March 2013.
Post the period end, April has seen some production issues
around the performance of the mill, which has been subject to some
vibrations following a production halt for three days for mill
relining. Accordingly, April production was 556 Mt of copper in
concentrate. We have identified the source of the vibrations and as
a result have ordered new mill gear mechanisms which are expected
to be available for installation in September 2013 with resultant
necessary mill downtime.
Exploration drilling has continued during the fourth quarter in
the greater Nakalakwana area targeting Iron Oxide Copper Gold
mineralisation within the Matsitama Exploration Licence PL 17/2004;
and in the near vicinity of Thakadu Mine to find additional
mineable resources.
Mr Jordan Soko, Acting Chief Executive of African Copper, said,
"We achieved record copper production from the Mowana facilities in
our fiscal year to end March 2013. I am pleased to be able to
report to shareholders that our team's hard work on improving
operations is at last paying off and that our Mowana and Thakadu
assets are beginning to demonstrate the long life and quality that
we believed them to posess."
For further information please visit www.africancopper.com or
contact:
Brad Kipp, Chief Financial Officer Simon Hudson/Kelsey Traynor
African Copper Plc Tavistock Communications (PR
+1 (416) 847 4866 and IR)
bradk@africancopper.com +44 (0) 20 7920 3150
----------------------------------- ------------------------------
Andrew Chubb/Tarica Mpinga
Canaccord Genuity Limited (NOMAD
and Broker)
+44 (0) 20 7523 8000
----------------------------------- ------------------------------
The technical information in this announcement has been reviewed
and approved by David De'Ath, BSc (Hons), MSc, GDE-Mining, MIMM and
MAusIMM, the Company's Manager, Geology, of the Mowana Mine for the
purposes of the current Guidance Note for Mining, Oil and Gas
Companies issued by the London Stock Exchange in June 2009.
Notes to Editors:
African Copper is an AIM and Botswana listed copper producer and
exploration company, currently focused on Botswana. The Company's
flagship project is the copper producing open pit Mowana Mine. ACU
also owns the rights to the adjacent Thakadu-Makala deposit. Both
deposits are situated on the highly prospective Matsitama belt,
located close to Botswana's second largest city, Francistown, in
the north-eastern part of the country.
This announcement contains forward-looking information. All
statements, other than statements of historicalact, that address
activities, events or developments that the Company believes,
expects or anticipates will or may occur in the future including,
without limitation, statements regarding progress towards reaching
sustained commercial production levels, positive indications at
Thakadu of sulphide ore availability, the stage of development and
resulting improvements to efficiency relating to planned upgrades
are forward-looking information. This forward-looking information
reflects the current expectations or beliefs of the Company based
on information currently available to the Company. Forward-looking
information is subject to a number of risks and uncertainties that
may cause the actual results of the Company to differ materially
from those discussed in the forward-looking information, and even
if such actual results are realized or substantially realized,
there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could
cause actual results or events to differ materially from current
expectations include, among other things, risks related to failure
to convert estimated mineral resources to reserves, conclusions of
economic evaluations, changes in project parameters as plans
continue to be refined, the possibility that actual circumstances
will differ from the estimates and assumptions used in the current
Thakadu mining plan, future prices of copper, unexpected increases
in capital or operating costs, possible variations in mineral
resources, possible delays or ability to contract the necessary
transportation arrangements between Thakadu and Mowana, grade or
recovery rates, failure of equipment or processes to operate as
anticipated, accidents, labour disputes and other risks of the
mining industry, delays in obtaining governmental consents,
permits, licences and registrations and political risks arising
from operating in Africa and changes in regulations affecting the
Company. All forward-looking information speaks only as of the date
hereof and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that its expectations
reflected in the forward-looking information, as well as the
assumptions inherent therein, are reasonable, forward-looking
information is not a guarantee of future performance and,
accordingly, undue reliance should not be put on such information
due to the inherent uncertainty therein.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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