ZUG, Switzerland, Aug. 29, 2017 /CNW/ - Katanga Mining
Limited (TSX: KAT) ("Katanga" or the
"Company") today is providing an update on the previously
announced review of certain of the Company's past accounting by the
independent directors of the Company's Board of Directors (the
"Independent Directors"). Katanga reports that the
Independent Directors' review is ongoing and that it continues to
work diligently and devote all necessary resources to file its 2017
second quarter financial statements and related disclosures and its
restated historical financial statements and related disclosures as
soon as practicable. Despite such efforts, the Company now expects
to complete the review and make such filings on or before
October 15, 2017, rather than
September 14, 2017, as previously
reported.
This status update is provided pursuant to the alternative
information guidelines in National Policy 12-203 ("NP 12-203"),
which require the Company to provide bi-weekly updates on its
affairs until such time as the Company is current with its filing
obligations under Canadian securities laws. In accordance with
those requirements, the Company advises that: except as disclosed
in this news release, there have not been any material changes to
the information contained in our July
31 and August 14 news
releases; there has not been any failure by the Company to fulfill
its publicly disclosed intentions with respect to satisfying the
provisions of the alternative information guidelines of NP 12-203;
and except as previously disclosed, there are no subsequent
specified defaults (actual or anticipated) within the meaning of NP
12-203.
About Katanga Mining Limited
Katanga Mining
Limited operates a major mine complex in the Democratic Republic of Congo producing refined
copper and cobalt. The Company has the potential to become
Africa's largest copper producer
and the world's largest cobalt producer. Katanga is listed on the
Toronto Stock Exchange under the symbol KAT.
Forward Looking Statements
This press
release may contain forward-looking statements. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs
and assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements. The key assumptions that have been made
in connection with the forward-looking statements include the
following: the length of the delay in filing the 2017 second
quarter filings, the expected timing of completion of the
restatement of the Company's historical financial statements, the
maintenance by the Ontario Securities Commission ("OSC") of a
management cease trade order rather than a full cease trade order
or any other action to be taken by securities regulatory
authorities in light of the review of the Company's historical
accounting, the operations of the Company during the production
suspension and timeline for the recommencement of operations
remaining consistent with management's expectations, there being no
significant disruptions affecting the operations of the Company
whether due to labour disruptions, supply disruptions, power
disruptions, rollout of new equipment, damage to equipment or
otherwise; permitting, development, operations, expansion and
acquisitions at the Project being consistent with the Company's
current expectations; continued recognition of the Company's mining
concessions and other assets, rights, titles and interests in the
DRC; political and legal developments in the DRC being consistent
with its current expectations; the continued provision or
procurement of additional funding from Glencore for operations, the
completion of the T17 Underground Mine, the WOL Project and the
Power Project (as defined in the Company's Annual Information Form
for the year ended December 31, 2016
dated March 31, 2017); new equipment
performs to expectations; the exchange rate between the US dollar,
South African rand, British pounds, Canadian dollar, Swiss franc,
Congolese franc and Euro being approximately consistent with
current levels; certain price assumptions for copper and cobalt;
prices for diesel, natural gas, fuel oil, electricity and other key
supplies being approximately consistent with current levels;
production, operating expenses and cost of sales forecasts for the
Company meeting expectations; the accuracy of the current ore
reserve and mineral resource estimates of the Company (including
but not limited to ore tonnage and ore grade estimates); and labour
and material costs increasing on a basis consistent with the
Company's current expectations.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others, a delay in the expected timing of completion of the
Independent Directors' review; unfavourable conclusions of the
Independent Directors' review; a delay in completing the
restatement of the Company's historical financial statement;
unforeseen action taken by the OSC or other securities regulatory
authorities; unforeseen delays or changes to the WOL Project;
actual results of current exploration activities; actual results
and interpretation of current reclamation activities; conclusions
of economic evaluations; changes in project parameters as plans
continue to be refined; future prices of copper and cobalt;
possible variations in ore grade or recovery rates; failure of
plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing or in the
completion of exploration, development or construction activities,
delays due to strikes or other work stoppage, both internal and
external to the Company as well as those factors disclosed in the
Company's current annual information form and other publicly filed
documents. Although Katanga has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
The Company disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events, or otherwise, except in accordance with
applicable securities laws.
SOURCE Katanga Mining Limited