KINSHASA, Democratic Republic of Congo, May 5, 2015 /PRNewswire/ --
Fleurette Group ("Fleurette") is pleased to announce the first quarter operating results for Mutanda Mining SARL ("MUMI").
- Q1 copper production of 51,570 tonnes - an 11% increase from Q4 2014
- Copper production being maintained at 200,000 tonnes p.a. annualised
2014 2015 Q1 Q2 Q3 Q4 Year Q1 Copper metal Kt 47.1 51.5 52.0 46.5 197.1 51.6 Cobalt contained Kt 3.3 3.8 4.1 3.2 14.4 2.6
During the first quarter MUMI produced 51,570 tonnes of copper (Q4 2014: 46,500 tonnes) and 2,636 tonnes of cobalt (Q4 2014: 3,200 tonnes).
MUMI is now consistently operating at its annualized target of 200,000 tonnes of copper production per annum, in line with the project investment plan.
Dan Gertler, Senior Advisor to Fleurette Group commented:
"The first quarter results show that MUMI is successfully operating at its design capacity of 200,000 tonnes of copper per year. This is a really significant achievement and demonstrates the benefit of the investment Fleurette and Glencore have made in the site and means the project is delivering important tax and employment benefits to the DRC.And working alongside this is the extensive social programme which is making a real positive difference to the local community."
Social Investment Update
In 2015 Q1 MUMI's main social investments included:
- Education - Supported Kando primary school through financial assistance and the donation of desks.
- Health - MUMI is supporting the construction of Lualaba Hospital which is due for completion end of 2016.
- Sustainable rural livelihoods - Supported 14 local cooperatives (farming and livestock) with donations and training in order to support livelihoods and sustainable community development.
MUMI comprises the Mutanda and Kansuki concessions in the Katanga province of the Democratic Republic of Congo which were merged in July 2013. MUMI is jointly owned by Glencore (69% ownership) and Fleurette (31% ownership). MUMI is managed by Glencore who also have a 100% offtake contract for all copper and cobalt production. Fleurette has invested $440 million in acquiring and developing the asset in partnership with Glencore. This has driven production from 100,000 to the current run rate of 200,000 tonnes of copper per annum. The total investment in MUMI is $1.8 billion. MUMI employs over 3,500 Congolese at the current design capacity, and as further investment is made into the asset, we would expect this number to increase.
About Fleurette - http://www.fleurettegroup.com
The Fleurette Group of Companies ("Fleurette") is an entrepreneurial business with significant investment in diverse sectors, including natural resources, infrastructure, agriculture and technology. Fleurette has substantial investments and operations in the Democratic Republic of Congo (DRC). The parent company of the group, Fleurette Properties Limited, a Dutch resident company, is owned by Line Trust Corporation Limited strictly and solely as trustees of the Ashdale Settlement, a trust established in 2006 for the benefit of the family of Dan Gertler. Mr Gertler is a citizen and resident of Israel and the DRC (and honorary counsel to the DRC) and is committed to developing the country's natural resources and infrastructure, while investing in the Congolese people and their communities.
Fleurette has a proven track record of successful co-operation with diverse parties, including the DRC State-owned mining company Gécamines, and to date has brought more than USD $7 billion of investment into the DRC, on top of its USD $2 billion in private investment. As a result, Fleurette's subsidiaries and partnerships support around 30,000 jobs in the DRC and are amongst the DRC's leading taxpayers, contributing significant revenues to the State.
Fleurette is also a major contributor to social development in the DRC through the Gertler Family Foundation (GFF) and through direct investment in social infrastructure. The GFF is the largest charitable organization in the DRC, funding more than 50 programs and projects across the DRC, which help tens of thousands of Congolese every year. These include rebuilding key hospitals, notably the Kisangini "Hospital du Cinquantenaire"; supporting the Operation Smile campaign in Lubumbashi and Kinshasa; rebuilding Blaise Pascal School in Lubumbashi; and supporting the Lubumbashi Zoo.
SOURCE Fleurette Group