KINSHASA, Democratic Republic of Congo, November 4, 2014 /PRNewswire/ --
Fleurette Group ("Fleurette") is pleased to announce the third quarter 2014 operating results for Mutanda Mining SARL ("MUMI").
- Q3 copper production of 52,050 tonnes
- Total first 9 months copper production of 150,600 tonnes (equal to 2013 full year production)
2013 2014 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 YTD Copper metal Kt 29.8 31.4 40.3 49.1 150.6 47.1 51.5 52.0 150.6 Cobalt contained Kt 2.8 3.6 3.8 3.5 13.7 3.3 3.8 4.1 11.2
During the third quarter MUMI produced 52,050 tonnes of copper (Q2 2014: 51,500 tonnes) and 4,100 tonnes of cobalt (Q2 2014: 3,789 tonnes) respectively. For Q3 2013, production of copper was 40,300 tonnes and cobalt production was 3,800 tonnes.
This brings total MUMI production for the first nine months to 150,600 tonnes of copper (up 48% from Q3 2013) and 11,100 tonnes of cobalt (up 11% from Q3 2013). The comparable 2013 total production copper was 101,500 tonnes and cobalt production was 10,200 tonnes.
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.
The substantial year-on-year increase in production of copper at MUMI is as a result of the completion of the 200k project, increasing MUMI's production capacity to 200,000 tonnes of copper and 23'000 tonnes of cobalt contained per annum.
As previously disclosed, Fleurette has invested $460 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. Mutanda employs over 3,000 Congolese at the current design capacity, though as further investment is made into the asset, we would expect this number to grow.
Dan Gertler, Senior Advisor to Fleurette Group commented:
"We are delighted that MUMI has delivered on its targets and is now operating consistently at its design capacity. At a run rate of 200,000 tonnes of copper a year, MUMI will generate significant benefits for the people of the DRC. The success of MUMI highlights the importance of the commitment and determination to invest in what remains an under invested and challenging country for mining development."
MUMI continues to make considerable contributions to the local community and the surrounding Katanga province in schooling, health, agriculture and infrastructure. In the quarter, in addition to its on-going support of the Kisangani and Pweto hospitals, the new Lualaba river bridge and Kolwezi airstrip, MUMI has contributed a further $500,000 into education (including towards the construction of the new university in Lubumbashi) and $500,000 into a new local farming project.
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.
Food security is a critical issue for the DRC and in Kinshasa, Fleurette and the GFF are developing 1,482 acres of land into the Kitoko Food Farm in partnership with local and international organizations. The farm is expected to employ 400 people and is expected to produce more than 4,500 tons of carrots, tomatoes, onions, potatoes and other vegetables in 2014. For more information on the GFF and its operations please see http://www.gertlerfamilyfoundation.org
SOURCE Fleurette Group