To view the PDF file, sign up for a MySharenet subscription.

ZCI LIMITED - Production and Exploration Update

Release Date: 11/02/2014 09:00
Code(s): ZCI     PDF:  
Wrap Text
Production and Exploration Update

ZCI Limited
(Bermudian registration number 661:1969
(South African registration number 1970/000023/10)
JSE share code: ZCI ISIN: BMG9887P1068
Euronext share code: BMG9887P1068
("ZCI")

Production and Exploration Update


Production and exploration update for the third quarter of fiscal 2014


ZCI is pleased to report that its subsidiary African Copper Plc., announces a production update for its
Mowana and Thakadu Mines for the third quarter of its financial year to 31 March 2014 (“Fiscal 2014”).

Summary
   • For the third quarter of Fiscal 2014, the Company produced 2,499 metric tonnes (“Mt”) of copper in
     concentrate, a marginal decrease on the same period last year but a substantial increase on Q2 this
     year.
   • Following a planned 10 day shutdown in November, ore processed and copper production increased
     significantly in December.
   • Geotechnical test work initiated to the north of the Mowana open pit, the results of which will be
     incorporated into studies for a proposed Mowana underground mine.
   • January 2014 production of copper in concentrate maintained at the December 2013 level of 1,124
     Mt, but with lower ore processed due to higher grades and recovery as higher grade sulphide ore
     from the adjacent Thakadu pit became available.

Mr Jordan Soko, Acting Chief Executive of African Copper, said: “Work during the November
shutdown was completed successfully, on time and on budget. With the mill and processing plant now
working efficiently and with higher grade ore available, our production operations are well positioned for
the remainder of our financial year. ”

For further information please visit www.africancopper.com or contact:

Brad Kipp, Chief Financial Officer                       Simon Hudson/Nuala Gallagher
African Copper Plc                                       Tavistock Communications (PR and IR)
+1 (416) 847 4866                                        +44 (0) 20 7920 3150
bradk@africancopper.com

Neil Elliot/Tarica Mpinga
Canaccord Genuity Limited (NOMAD and Broker)
+44 (0) 20 7523 8000

Notes to Editors:
African Copper is an AIM and Botswana listed copper producer and exploration company, currently focused
on Botswana. The Company’s flagship project is the copper producing open pit Mowana Mine. African
Copper also owns the rights to the adjacent Thakadu-Makala deposit. Both deposits are situated on the
highly prospective Matsitama belt, located close to Botswana's second largest city, Francistown, in the
north-eastern part of the country.

PRODUCTION
Production levels for the three months ended 31 December 2013 and for the month of January 2014 are set out
below:

Description                               Oct.    Nov.      Dec.      Total      Total      Total     Jan.
                                         2013     2013      2013         Q3         Q3         Q2     2014
                                                                      2013/      2012/      2013/
                                                                       2014       2013       2014

Ore processed (Mt)                     60,706    67,620   83,920    212,246    215,383   192,041    60,624
Cu grade (%)                             1.36      1.21     1.48       1.36       1.71       1.60      2.02
Recovery (%)                             76.3      91.0     90.5       86.6       69.8       60.4      91.8
Concentrate produced (Mt)               2,957     2,945    4,502     10,404     11,829      9,209     4,227
Copper produced in concentrate (Mt)       632       743    1,124      2,499      2,577      1,862     1,124

Copper produced in concentrates for the third quarter 2013/2014 FY decreased marginally by 3% and
volume processed by 2%, compared to the same period last year.

During the three months to end December 2013, sulphide ore from the Thakadu pit constituted 99% of the
total volume processed, with aggregate recoveries approaching 87%. Shortages of high grade sulphide ore
from the Thakadu pit impacted October and November production levels primarily due to poor performance
of the mining contractor in stripping sufficient hangingwall waste to expose sulphide ore for mining.

Plant throughput was affected during November due to a planned 10 day shutdown to replace the mill girth
gear and mill pinion, and to reinforce the pinion sole plate. The work was completed successfully within the
planned shutdown period and the mill is now running efficiently. As a result milling throughput increased
markedly from 67,619 metric tonnes in November to 83,920 metric tonnes in December; and was also
reflected by copper produced in concentrate increasing from 743 tonnes in November to 1,125 tonnes in
December.

Heavy rains experienced in late January 2014 over the ore transport route from Thakadu to Mowana
negatively impacted January production levels. The rains led to flooding of the Lepashe River and impeded
trucking operations for several days.

GEOLOGY / EXPLORATION
Outcrop mapping was carried out over the high gravity anomaly south west of the Nakalakwana IOCG target,
together with soil sampling, and updates made to the geological and alteration maps for this area.

A thorough review of all geological data in the Phute area was completed and possible targets for future RC
drilling identified.

A ground magnetic survey was completed around the Thakadu pit to help in determining geological structure
and reasons for termination of copper mineralisation east of the pit.

NEAR MINE EXPLORATION
Logging of the five geotechnical boreholes north of the current Mowana open pit was completed and
samples for geotechnical test work selected. The test work results will be incorporated in studies for the
proposed Mowana underground mine.

The technical information in this announcement has been reviewed and approved by David De’Ath, BSc
(Hons), MSc, GDE-Mining, MIMM and MAusIMM, the Company’s Manager, Geology, of the Mowana
Mine for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the
London Stock Exchange in June 2009.

Bermuda
11 February 2014
Sponsor: Bridge Capital Advisors (Proprietary) Limited

Date: 11/02/2014 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story