Fleurette Group: Mutanda Mining SARL - First Quarter 2016 Calendar Year Production Report

May 04, 2016, 05:08 ET from Fleurette Group

KINSHASA, Democratic Republic of Congo, May 4, 2016 /PRNewswire/ --

Fleurette Group ("Fleurette") is pleased to announce the first quarter operating results for Mutanda Mining SARL ("MUMI").

Highlights 

  • Q1 copper production of 54,700 tonnes
  • Cobalt production of 4,900 tonnes

Production 


   
                                                   2015                      2016
                                 Q1        Q2       Q3       Q4      Year      Q1
    Copper metal     Kt          51.6     53.9     55.5     55.1    216.1    54.7
    Cobalt contained Kt          2.6      3.7      4.9      5.3      16.5    4.9

During the first quarter MUMI produced 54,700 tonnes of copper (Q4 2015: 55,100 tonnes) and 4,900 tonnes of cobalt (Q4 2015: 5,300 tonnes).

Dan Gertler, Senior Advisor to Fleurette Group commented:

"MUMI continues to operate excellently exceeding its design capacity of 200,000 tonnes of copper per year and has continued with its extensive programme of social investments, which transforms the lives of the communities we work alongside." 

Social Investment Update 

In 2016 Q1 MUMI's main social investments included:

  • Sustainable rural livelihoods - distribution of material for the construction of sheepfolds and also distribution of goats
  • Health: Support to Lualaba health zone for vaccination campaigns (polio campaigns for children - 37 000 children vaccinated). Donation of beds and office material to Bumi clinic
  • Local employment: Continuation of cleaning project and hiring of local staff from surrounding villages via a local contractor

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 over $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 - www.fleurettegroup.com / LinkedIn  / Twitter / Facebook

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