KINSHASA, Democratic Republic of Congo, November 3, 2016 /PRNewswire/ --
Fleurette Group ("Fleurette") is pleased to announce the third quarter operating results for Mutanda Mining SARL ("MUMI"). Mutanda continues to operate above nameplate capacity, testament to the considerable investment in the asset by the shareholders over a long period of time.
- Copper production of 53,400 tonnes consistent with prior periods since commissioning in plant in 2014
- Copper production at the end of the first nine months of 2016 162.3kt, up 1% from the same period last year (2015: 161.0kt)
- Cobalt production of 7,300 tonnes, up 22% from Q2 2016 and 49% from Q3 2015 following completion of plant optimisation
2015 2016 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 YtD Copper metal Kt 51.6 53.9 55.5 55.1 216.1 54.7 54.2 53.4 162.3 Cobalt contained Kt 2.6 3.7 4.9 5.3 16.5 4.9 6.0 7.3 18.2
During the third quarter MUMI produced 53,400 tonnes of copper (Q2 54,200 tonnes) and 7,300 tonnes of cobalt (Q2 6,000 tonnes), a decrease in copper of 1% and an increase in cobalt of 22% respectively on the second quarter of 2016. Total copper production in the first nine months of 2016 was 162.3kt, up 1% from the same period last year (2015: 161.0kt). The plant consistently produced above nameplate capacity. Cobalt production of 18,200 tonnes YTD was 7,000 tonnes (63%) higher than the comparable period, due to the completion of plant optimisation projects during 2016 and improved cobalt grades in the material processed.
Dan Gertler, Senior Advisor to Fleurette Group commented:
"Mutanda is a stand-out asset in the DRC mining sector, and continues to reap the benefits of a prolonged period of investment. Mutanda remains one of the largest contributors to the DRC fiscal authorities and a major employer in the region. I am also pleased with the continued progress on the mine's CSR programme which is delivering real benefits to the surrounding community in the form of access to fresh water, education facilities, investment in better healthcare and a growing agricultural sector."
Social Investment Update
In 2016 Q3 MUMI's main social investments included:
- Sustainable rural livelihoods - Cultivation of 300 hectares of crops. MUMI assisted with donation of inputs, training of cooperatives members and preparation of the soil
- Health - Support to Lualaba health zone for awareness on malaria
- Water - Installation of 11 hand pumps to community wells
- Education - Support to summer camps and soccer tournaments in communities. MUMI provided school supplies for participating children, educational material for activities and gifts
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.
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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