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Correction Announcement; 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")
Correction Announcement; Production and Exploration Update
Shareholders are referred to the Production and Exploration Update which was released on SENS on the 24
April 2014 and advised that the incorrect document was published on SENS in error and consequently attention
is now drawn to the correct Production and Exploration update as detailed below.
Production and exploration update for the fourth quarter and full year 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 fourth quarter of its financial year to 31 March 2014 (“Fiscal
2014”).
Summary
• For the fourth quarter of fiscal 2014, the Company produced 2,515 metric tonnes (“Mt”) of copper in
concentrate, a marginal increase on the third quarter when 2,499 Mt were produced.
• The amount of ore mined from the Thakadu pit was impacted by frequent breakdowns of the mining
contractor’s fleet and rain. Ore transported from Thakadu to Mowana for processing was also severely
affected by torrential rains during all three months of the quarter caused by the frequent flooding of the
Lepashe river on the ore transportation route.
• The decline in ore processed during the quarter was offset by higher grade ore from the Thakadu pit
during January and March, and improved recoveries when compared with the previous quarter.
• Saleable copper in concentrate increased to 9,951 Mt for fiscal 2014 an increase for the third
consecutive year.
• A preliminary geotechnical report was received during March for the area north of the current Mowana
pit. The results of this ongoing work will be factored into current studies being undertaken to assess the
potential for developing an underground mine at Mowana.
Mr Jordan Soko, Acting Chief Executive of African Copper, said: “We are pleased with the
mobilization efforts of our new mining partner Diesel Power and are looking forward to progressive
increases in mining tonnages at Thakadu. With stable delivery of good quality Thakadu ore, the
Mowana processing operation is well positioned to increase throughput and production levels in the
coming quarter and new fiscal 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 production 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 March 2014 and previous periods are set out below:
Description Jan. Feb. Mar. Total Total Total
2014 2014 2014 Q4 Q4 Q3
2013/ 2012/ 2013/
2014 2013 2014
Ore processed (Mt) 60,624 54,561 48,206 163,391 164,588 212,246
Cu grade (%) 2.02 1.24 1.85 1.71 1.67 1.36
Recovery (%) 91.8 87.0 90.3 90.2 88.2 86.6
Concentrate produced (Mt) 4,227 2,518 3,198 9,944 11,358 10,404
Copper produced in concentrate (Mt) 1124 587 804 2,515 2,429 2,499
Copper produced in concentrates for the fourth quarter of fiscal 2014 increased marginally by 3.5% and
volume processed decreased by 1%, compared to the same period last year.
During the three months ended March 2014, mining operations continued to be affected by poor availability
of the mining contractor’s equipment, resulting in low levels of waste stripping that was needed to expose
high grade Thakadu ore. For the upcoming quarter ended 30 June 2014, the Company is anticipating more
stable operations and an increase in mining productivity after the engagement of Diesel Power mining
contractors who commenced mining operations at Thakadu in April 2014. (See African Copper’s press
release dated 5 March 2014)
Plant utilisation and throughput was affected during the quarter by the low delivery of ore transported from
Thakadu and the time taken to accumulate sufficient live ore on the ROM pad for crushing. Ore processed
fell progressively from January through March as a result of the heavy rains, though higher grades resulted
in copper produced in concentrate increasing marginally to 2,515 tonnes compared to 2,499 tonnes in the
previous quarter. A concerted effort has been made to increase the number of ore transportation trucks
available and, with the end of the exceptional rainy season, better throughput and processing is expected in
the coming quarter. During the periods of low ore delivery, planned maintenance was brought forward and
carried out.
Totals for the fiscal year ended 31 March 2014 in comparison with prior years are presented as follows:
Description FY 2013/14 FY 2012/13 FY 2011/12
Ore processed (Mt) 748,911 801,901 738,921
Cu grade (%) 1.66 1.78 1.93
Recovery (%) 80.6 66.5 48.4
Concentrate produced (Mt) 42,560 44,041 31,027
Copper produced in concentrate (Mt) 9,951 9,496 6,910
GEOLOGY/ EXPLORATION
A comprehensive review of the current Matsitama exploration areas involving external consultants and
African Copper geologists was completed during the quarter, including the Nakalakwana IOCG target.
At Phute, following the review of all geological data in the previous quarter, a trenching exercise was
undertaken exposing small amounts of copper mineralisation. A short RC drilling programme will be
undertaken during the coming quarter.
Work continues in the immediate vicinity of the Thakadu pit to identify similar deposits.
A sampling exercise of old exploration boreholes to determine gold concentrations will take place in the
coming quarter; and assay results will be incorporated into a general reassessment of Mowana’s resources.
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
25 April 2014
Sponsor: Bridge Capital Advisors (Proprietary) Limited
Date: 25/04/2014 12:30:00 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
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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.
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