BAAR, SWITZERLAND--(Marketwire - May 11, 2010) - Katanga Mining Limited (TSX:KAT) ("Katanga" or the "Company") today announces its financial results for the first quarter of 2010. Katanga's Interim Financial Statements and Management's Discussion and Analysis for the period will be filed on May 11, 2010, on SEDAR, www.sedar.com.
Highlights during and subsequent to the three months ended March 31, 2010
• Total sales for the first quarter of 2010, were US$140.7 million, comprising US$94.3 million (12,915 tonnes) for copper cathode, US$37.6 million for cobalt metal (900 tonnes) and $8.8 million for copper concentrate (1,381 tonnes of contained copper).
• For the first quarter of 2010, the Company had a gross profit of US$39.1 million and net income of US$27.6 million
• For the first quarter of 2010, the Company generated US$72.3 million in positive cash flows from operating activities and a net total cash increase of US$49.6 million resulting in a closing cash balance of US$126.7 million.
• C1 cash cost for the first quarter of 2010 were US$1.34 per pound of copper (C1 cash costs per pound of copper are cash costs including mining, processing, administration and refining, net of cobalt credits)*.
• Production data for the first quarter:
o Copper production was 12,458 tonnes which was a reduction on the previous quarter by 924 tonnes due to mining constraints in Kamoto underground mine which have now been resolved.
o Cobalt production was 889 tonnes with improved recovery rates for cobalt achieved throughout the plant.
• On March 31, 2010, the Company filed its updated Technical Report, which detailed the accelerated increase in production capacity to 150,000 tonnes of copper and 8,000 tonnes of cobalt by end of the second quarter of 2011, and the proposed increase in production capacity to 310,000 tonnes per annum of copper and 30,000 tonnes of cobalt. The Technical Report stated the Company's ability to fund this development through existing cash balances and cash generated from operations, based on current copper and cobalt prices.
• On April 27, 2010, the merger of Kamoto Copper Company SARL and DRC Copper and Cobalt Project was approved by Presidential decree.
Outlook
• As detailed in the updated Technical Report the Company continues to implement the Accelerated Development Plan to a production capacity of 150,000 tonnes per annum of copper and 8,000 tonnes per annum of cobalt by the second quarter of 2011, with a production capacity of 110,000 tonnes per annum of copper being achieved as planned in July 2010
• The Company has commenced a Scoping and Engineering study which will be completed in the fourth quarter of 2010. This study will review the process engineering completed for the planned new SX/EW plant with a view towards reducing capital expenditures and simplifying process design, as highlighted in the new Technical Report, to facilitate the integration with the current site infrastructure.
• Dewatering and pre-strip activities in KOV open pit are progressing as scheduled to allow for the production of ore in July 2010.
Management of Katanga Mining Limited will host a conference call Wednesday, May 19, 2010 at 10:00 am (EST) to discuss the Company's 2010 first quarter results. Participants may join the call by dialling toll free 1-888-231-8191 or 647-427-7450 for calls from outside Canada and the US. A recorded playback of the call can be accessed after the event until May 26, 2010 by dialling 1-800-642-1687 or 416-849-0833 for calls outside Canada and the US. Pass-code: 74908425. A live and archived audio webcast will also be available at www.katangamining.com.
http://www.marketwire.com/press-release/...esults-TSX-KAT-1257786.htm -----------
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