Katanga Mining Ltd. Announces Production Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Production Guidance for the Fourth Quarter of 2013
During the six months ended June 30, 2013, the Company mined a record 3,092,656 tonnes of ore (a 22% increase over the six months ended June 30, 2012) at a grade of 4.48% resulting in contained copper in ore mined of 138,485 tonnes (a 41% increase over first half of 2012). Ore mined at KOV Open Pit during first half of 2013 was a record 2,258,260 tonnes, a 36% increase over first half of 2012. The average copper grade of ore mined from KOV Open Pit during first half of 2013 was 5.12%, resulting in contained copper in ore mined of 110,216 tonnes (a 66% increase over first half of 2012). Ore mined and hoisted at KTO Underground Mine during first half of 2013 was 834,396 tonnes, a 4% decrease over first half of 2012. The average copper grade of ore mined from KTO Underground Mine during first half of 2013 was 3.39%, resulting in contained copper in ore mined of 28,269 tonnes (an 11% decrease over first half of 2012). Ore milled at KTC during first half of 2013 was a record 2,629,436 tonnes, an 18% increase over first half of 2012. Copper produced in metal and concentrate for first half of 2013 totalled a production record of 60,274 tonnes, a 40% increase over first half of 2012 as a result of the continued commissioning of various elements of the Updated Phase 4 Project. In first half of 2013, a record 312,435 tonnes of concentrate containing 71,776 tonnes of copper were produced (first half of 2012 - 239,308 tonnes containing 59,906 tonnes of copper). Cobalt produced totalled 1,025 tonnes for first half of 2013, a 4% decrease over first half of 2012.
Lower mined volumes and grades are a result of ongoing chamber availability issues. Management expects mined volumes and grades to improve by fourth quarter of 2013 due to the increased backfill tonnes achieved in second quarter of 2013, the reintroduction of cement backfill and through the acceleration of primary and secondary development.