Tiger Resources Limited - Starts Copper Cathode Production at Kipoi
26.05.2014 | ABN Newswire
Perth, Australia, May 26, 2014 - (ABN Newswire) - Tiger Resources Limited (ASX:TGS.AX) has started copper cathode production at its Kipoi Copper Project in the Democratic Republic of Congo (DRC).Cathode production commenced on 25 May, 2014 after Tiger completed construction and commissioning of its Stage 2 solvent extraction electro-winning (SXEW) plant at Kipoi within record time.
The Company expects the SXEW plant to reach full production capacity within three months and to produce 25,000 tonnes of copper cathode in its first full 12 months of operation.
Tiger also continues to produce copper concentrate from its Stage 1 heavy media separation (HMS) plant at Kipoi. The HMS plant is targeting to produce 39,000 tonnes of copper in concentrate before ceasing operation early in 2015.
Tiger's Managing Director Brad Marwood said the commencement of copper cathode production is a major milestone for the Company.
"Construction of our SXEW plant at Kipoi commenced in January 2013 so we are delighted that it is in production well ahead of our original start date and anticipate strong operating performance from the plant," Mr Marwood said.
"The start of cathode production has been seven years in the planning, so to achieve an on-time-and-within-budget result is an exceptional performance"
"Our performance in the DRC reflects the DRC government's strong commitment to the resource sector."
Tiger will report cathode production quarterly going forward, starting with the June quarterly report.
BACKGROUND
Tiger's 60%-owned Kipoi Project covers an area of 55 square km and is located 75km north-north-west of the city of Lubumbashi in the Katanga Province of the DRC. The project contains a 12km sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.
The Company has reported JORC-compliant resources at four of the deposits: Kipoi Central, Kipoi North, Kileba and Judeira. The principal deposit is Kipoi Central, which contains a zone of high grade copper mineralisation within a much larger, lower grade global resource. Production targets are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.
Tiger is undertaking a phased development at Kipoi, where the Stage 1 heavy media separation (HMS) plant is in production and on the basis of recently completed grade control drilling 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.
Construction of the Stage 2 SXEW plant commenced in January 2013 and commenced first production of copper cathode in May 2014. The feasibility study (FS) for Stage 2 has confirmed the operation as a low-cost, high-margin project capable of producing 538,000 tonnes of copper cathode over 11 years, processing ore reserves from the Kipoi Central, Kileba and Kipoi North deposits and reject floats, slimes and medium grade ore stockpiles from the Stage 1 HMS operation.
It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, as well as the Lupoto Project, will also be processed during the Stage 2 operations, providing additional returns and increasing the mineral resources available as feedstock to the Stage 2 SXEW plant.
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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: +61-420-582-887
Email: nryan@tigerez.com