African Copper PLC Production for the First Quarter of Fiscal 2014
July 22 2013 - 2:00AM
UK Regulatory
TIDMACU
Production for the First Quarter of Fiscal 2014
FOR: AFRICAN COPPER PLC
AIM SYMBOL: ACU
July 22, 2013
African Copper Plc: Production for the First Quarter of Fiscal 2014
Positive start to the year with copper produced in concentrate up 91% on last year's Q1
LONDON, UNITED KINGDOM--(Marketwired - July 22, 2013) - African Copper Plc ("African Copper" or the "Company")
(AIM:ACU) (BOTSWANA:AFRICAN COPPER) announces production of 3,075Mt of copper in concentrate for the first
quarter of fiscal 2014 from its 100% owned operating mines in Botswana.
First Quarter Production Highlights
/T/
=- During the quarter, ore processed went up by 5% to 181,233 Mt compared
to 171,908 Mt over the same period. Copper recovery increased by 65% to
83.6% compared to 50.7% during Q1 2012/2013 FY.
=- During Q1 of the 2013/2014 FY production of copper in concentrate went
up by 91% to 3,075Mt compared to 1,609Mt achieved during Q1 2012/2013 FY
=- During April 2013 following a mill re-lining, vibrations were
experienced in the mill that necessitated a production halt for three
days to rectify which affected production for that month. Recoveries in
April were 61.8% as a result of a small quantity of stockpiled oxide ore
being processed.
=- May results were considerably better with 89.9% recovery and production
of 1,408 Mt of copper in concentrate following a return to only sulphide
ore being processed. In June ore processed fell due to a shortage of
process water.
/T/
Mr Jordan Soko, Acting Chief Executive of African Copper, said: "In May 2013, we reported strong final year
results with record copper production from the Mowana facilities. I am delighted to say that this has been
maintained in the first quarter of fiscal year 2014. We continue to improve the plant and operations and this
is being demonstrated by the production reported today."
All of the ore processed at the Mowana facilities during the quarter was sourced from the higher grade sulphide
rich ore Thakadu Mine. During the first week of July, we successfully installed and commissioned a new primary
crusher, which is now running at design capacity of 350 tph. In the three months reported below, the proportion
of sulphide ore processed increased to 92% of the total from 80% in Q4 FY 2013 due to mining a consistent
sulphide area of the Thakadu pit. Trucking operations from Thakadu to the Mowana Mine processing facilities, a
distance of 70km, ran smoothly throughout the quarter.
Production levels for the three months ended 30 June 2013 are set out below:
/T/
Description April May June Total Q1 Total Q1 Total Q4
2013 2013 2013 2013/ 2012/ 2012/
2014 2013 2013
=---------------------------------------------------------------------------
Ore processed (Mt) 50,409 77,885 52,939 181,233 171,908 164,588
=---------------------------------------------------------------------------
Cu grade (%) 1.79 2.01 2.29 2.03 1.91 1.67
=---------------------------------------------------------------------------
Recovery (%) 61.8 89.9 91.6 83.6 49 88.2
=---------------------------------------------------------------------------
Concentrate produced (Mt) 2,477 6,100 4,426 13,003 6,888 11,358
=---------------------------------------------------------------------------
Copper produced in
concentrate (Mt) 556 1,408 1,111 3,075 1,609 2,429
=---------------------------------------------------------------------------
/T/
In April, there were some production issues around the performance of the mill, which was subject to vibrations
following a routine production halt for three days for mill re-lining. April recoveries were 61.8% as a result
of a small quantity of stockpiled oxide ore being processed. We 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. May results were considerably better with 89.9% recovery and
production of 1,408 Mt of copper in concentrate following a return to only sulphide ore being processed.
In June, we experienced a shortage of process water, with resulting lower throughput to the mill and ore
processed. However, this was offset by the higher grade of ore treated. Process water issues have been
addressed by the drilling of two additional boreholes in the nearby Dukwe wellfield.
Mining operations at the Mowana Mine pit are planned to commence during Q2, with a production ramp up linked to
mining volume reduction at Thakadu as the Thakadu resource moves towards depletion around the middle of
calendar year 2014. As volumes drop at Thakadu Mine, the mining equipment will be moved across to the Mowana
mine to effect the pre-stripping and ramp up.
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 to add to the Company's existing reserves. The Company
expects to provide an update later in the year.
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, Ge ology, 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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
African Copper Plc
Brad Kipp
Chief Financial Officer
+1 (416) 847 4866
bradk@africancopper.com
www.africancopper.com
OR
Tavistock Communications (PR and IR)
Simon Hudson
+44 (0) 20 7920 3150
OR
Canaccord Genuity Limited (NOMAD and Broker)
Andrew Chubb
+44 (0) 20 7523 8000
OR
Canaccord Genuity Limited (NOMAD and Broker)
Tarica Mpinga
+44 (0) 20 7523 8000
INDUSTRY: Manufacturing and Production-Mining and Metals
SUBJECT: MEX
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