KINSHASA, Democratic Republic of Congo, November 4, 2015 /PRNewswire/ --
Fleurette Group ("Fleurette") is pleased to announce the third quarter operating results for Mutanda Mining SARL ("MUMI").
- Q3 copper production of 55,500 tonnes with a year-to-date production of 161,000 tonnes - a 7% increase from Q3 2014 year-to-date production of 150,600 tonnes
- MUMI continues to perform consistently in line with production targets
2014 2015 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Copper metal Kt 47.1 51.5 52.0 46.5 197.1 51.6 53.9 55.5 Cobalt contained Kt 3.3 3.8 4.1 3.2 14.4 2.6 3.7 4.9
During the third quarter MUMI produced 55,500 tonnes of copper (Q2 2015: 53,900 tonnes) and 4,900 tonnes of cobalt contained (Q2 2015: 3,700 tonnes).
MUMI continues to operate at its annualized target of 200,000 tonnes of copper production.
Dan Gertler, Senior Advisor to Fleurette Group commented:
"Reflecting both the quality of the asset and investment made in infrastructure by the shareholders, MUMI is performing well in tough market conditions to the benefit of all its stakeholders."
Social Investment Update -
- 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.
- Education: Beginning of construction of two elementary schools (extension of Kando school and additional classrooms at Kisenda)
- In line with our commitment to Local Employment, people from local communities have been contracted as workforce to complete these projects
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.
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 Consul 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