Press release from Marketwire
Development of Ivanplats' Kamoa Copper Discovery Not Affected by Reported DRC Decree Banning Exports of Copper Concentrate
Wednesday, April 17, 2013
Development of Ivanplats' Kamoa Copper Discovery Not Affected by Reported DRC Decree Banning Exports of Copper Concentrate18:24 EDT Wednesday, April 17, 2013
LONDON, UNITED KINGDOM--(Marketwired - April 17, 2013) - The following statement was issued today in response to questions received following the publication in international media of comments attributed to the Mines Minister for the Democratic Republic of Congo.
Ivanplats Limited (TSX:IVP) said today the company's planned development of its Kamoa copper discovery would not be negatively impacted by a reported decree, signed by two cabinet ministers of the Democratic Republic of Congo, to prohibit exports of cobalt and copper concentrates.
Ivanplats will seek clarification of the comments attributed to the DRC's Mines Minister, Martin Kabwelulu, in which the minister reportedly stated that mining companies will be required to add value to concentrates through further processing within three months.
Based on information presently available, such a reported new policy, if eventually confirmed and detailed under law, will not affect Ivanplats' Kamoa Project.
Investors should note the following relevant considerations, as previously reported by Ivanplats in its Kamoa Technical Report and other disclosure documents filed on the SEDAR website at www.sedar.com:
- Ivanplats' Kamoa Project is approximately three years away from its planned initial production of copper concentrate.
- Ivanplats' development plans always have included what would become the DRC's first smelter, which would produce an upgraded product other than concentrate, plus sulphuric acid that is required by the domestic Congolese copper industry to process oxide copper concentrate.
- The DRC's mining code presently permits the export of concentrate if the export can be shown to be beneficial to the DRC and also with the payment of applicable taxes to the DRC government.
Ivanplats (TSX:IVP), with offices in Canada, the United Kingdom and South Africa, is advancing and developing its three principal projects:
- The Kamoa copper discovery in a previously unknown extension of the Central African Copperbelt in the DRC.
- The Platreef Discovery of platinum-group elements, nickel, copper and gold on the Northern Limb of the Bushveld Complex in South Africa.
- The historic, high-grade Kipushi zinc-copper mine, also on the Copperbelt in the DRC and now being dewatered and upgraded to support a future return to production of copper, zinc and other metals following a care-and-maintenance program conducted between 1993 and 2011.
Ivanplats also is evaluating other opportunities as part of its objective to become a broadly based international mining company.
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