Fleurette Group: Mutanda Mining SARL

Aug 13, 2015, 04:00 ET from Fleurette Group

KINSHASA, Democratic Republic of Congo, August 13, 2015 /PRNewswire/ --

Second Quarter 2015 Calendar Year Production Report 

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

Highlights 

  • Q2 copper production of 53,900 tonnes - an 5% increase from Q1 2015
  • Mumi remains on target to produce 200,000 tonnes in 2015

Production 


   
                                                  2014                     2015   2015
                                 Q1       Q2       Q3       Q4      Year    Q1     Q2
    Copper metal     Kt         47.1     51.5     52.0     46.5    197.1   51.6   53.9
    Cobalt contained Kt          3.3      3.8      4.1      3.2     14.4    2.6    3.7

During the second quarter MUMI produced 53,900 tonnes of copper (Q1 2015: 51,600 tonnes) and 3,700 tonnes of cobalt contained (Q1 2015: 2,600 tonnes).

MUMI continues to operate at its annualized target of 200,000 tonnes of copper production.

Dan Gertler, Senior Advisor to Fleurette Group commented:

"The second quarter results again show that MUMI is operating at its design capacity of 200,000 tonnes of copper per annum. This means the project continues to deliver important investment, tax and employment benefits to the DRC. Furthermore, during the quarter we were delighted to support the wider communities with social investment in health, providing clean water and local employment." 

Social Investment Update -  

  • Health - MUMI has supported vaccinations campaigns of the health zone of Lualaba (polio) and the training of peer educators by PNMLS (National Program on HIV).          
  • Sustainable rural livelihoods - Ongoing support to 14 local cooperatives (farming and livestock) with donations and training in order to support livelihoods and sustainable community development.
  • Water - Drilling of 5 bore holes in the surrounding communities
  • Local employment - Launch of a cleaning project with the aim of supporting employment of people of surrounding villages

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 / LinkedIn  / Twitter

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