Tiger Resources Limited - March 2014 Quarterly Activities Report
30.04.2014 | ABN Newswire
Perth, Australia (ABN Newswire) - Tiger Resources (ASX:TGS) Kipoi Copper Project is located approximately 75km NNW of Lubumbashi in the Katanga Province of the DRC. Tiger has a 60% interest in La Société d'Exploitation de Kipoi SPRL (SEK), a DRC-registered company which holds the project assets and is the operator at Kipoi.Tiger is undertaking a phased development at Kipoi, where the Stage 1 heavy media separation (HMS) plant is currently in production, and on the basis of grade control drilling Tiger now expects to process 3.5Mt of ore grading approximately 7% Cu to produce a total of 132,000 tonnes of copper-in-concentrate over its 42-month life.
Stage 1 HMS operations are planned to produce stockpiles with 147,000 tonnes of contained copper. These stockpiles will provide the feed for the Stage 2 solvent-extraction and electro-winning (SXEW) plant for the first three years of operations.
HIGHLIGHTS
Stage 2 Kipoi SXEW plant on track for first cathode production in Q2 2014
- Overall project - 92% complete
- Construction of SXEW plant - 97% complete
- Agglomerated ore stacked onto heap leach cells
- Intermediate leach solution is being accumulated in the ponds in preparation for first cathode
- First copper cathode production and sales scheduled for second quarter
Kipoi Stage 1 HMS Ore Reserves
- Kipoi Stage 1 Ore Reserves, including high grade ROM stockpiles, increased 6% to 71,000 tonnes of copper at 31 December 2013 (after mining depletion)
Kipoi Stage 2 SXEW Ore Reserves
- Kipoi Stage 2 SXEW Ore Reserves, including stockpiles, increased 49% to 666,000 tonnes of copper at 31 December 2013
Updated Definitive Feasibility Study for Kipoi Stage 2 SXEW
- After-tax net present value (NPV8) of US$755million; 100% increase from January 2013 DFS results (excluding sunk capital expenditure of US$121 million incurred on the SXEW development up to 31 December 2013)
- Production of 532kt copper cathode over 11 years; 41% increase
- After-tax internal rate of return (IRR) increased from 44% to 107%
- Life of mine (LOM) cash operating costs of US$1.04/lb; 8.7% decrease
Corporate
- Cash on hand and deposit $10.7 million, trade receivables and concentrate inventory available for immediate delivery $3.2 million
To view the complete quarterly activities report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TGS-675586.pdf
About Tiger Resources Limited:
Tiger Resources Ltd. (ASX:TGS) has established itself as a producing copper/cobalt company with excellent growth potential after making the transition from an explorer. We have a highly-rated portfolio of properties, all strategically located on the world renowned Katanga Copperbelt in the Democratic Republic of the Congo (DRC), central Africa.
Contact:
Tiger Resources Ltd.
Brad Marwood, Managing Director
Tel: +61-8-6188-2000
Email: bmarwood@tigerez.com
Stephen Hills, Finance Director
Tel: +61-8-6188-2000
Email: shills@tigerez.com
Nathan Ryan, Investor Relations
Tel: +61-8-420-582-887
Email: nryan@tigerez.com