June 2014 Quarterly Activities Report
Perth, July 31, 2014 AEST (ABN Newswire) - Tiger Resources Limited (
ASX:TGS) provides the June 2014 Quarterly Activities Report including the Stage 2 Kipoi SXEW plant commencing cathode production.
The Highlights for the period are:
- First copper cathode produced on 25 May 2014
- 1,499 tonnes of copper cathode produced during Q2 2014
- SXEW plant on track to achieve nameplate annual capacity of 25,000 tonnes of copper cathode
- 2014 production guidance increased to 14,000 tonnes of copper cathode
Stage 1 Kipoi HMS plant
- 5,093 tonnes of copper-in-concentrate produced during the quarter, sourced from transitional high sulphur/silica-oxide ore (HSO)
- Concentrate recovery and production negatively impacted by variable HSO metallurgical properties
- 2014 production guidance reduced to 25,000 tonnes of copper-inconcentrate Corporate
- Share placement completed to raise $18.7 million
- Additional $25 million advance payment facility made available by Gerald Metals SA
Overview
The Kipoi Copper Project is located approximately 75km NNW of Lubumbashi in the Katanga Province of the Democratic Republic of Congo (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 undertook a phased development at Kipoi. Its Stage 2 solvent extraction electro-winning (SXEW) plant commenced production of copper cathode during the quarter. This first phase of the SXEW plant is expected to produce 25,000 tonnes of copper cathode in its first 12 months of commercial production. The Stage 1 heavy media separation (HMS) plant has been in production at Kipoi since 2011.
Stage 1 HMS operations have produced stockpiles with 159,600 tonnes of contained copper. These stockpiles are providing feed for the SXEW plant for the first three years of its operation.
The SXEW site cash operating costs forecast a life of mine (LOM) average of $1.04/lb and a LOM average C3 cost (all-in cost, including capital expenditure) of less than US$1.75/lb.
It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, and within the nearby 100%-owned Lupoto Project, will also be processed during the SXEW operations, providing additional returns and increasing the ore reserves available as feedstock to the SXEW plant. Increased resources from these deposits will potentially increase the mine life and/or the annual plant throughput.
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TGS-685855.pdf
About Tiger Resources Limited
Tiger Resources Limited (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.
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