Tiger Resources Limited (TGS.TO), which fell 7% to year lows
Thursday, provided clarification of its sales arrangements from the
Kipoi Copper Project following media reports of a government ban on
exports of copper and cobalt concentrates from the Democratic
Republic of Congo (
). Tiger believes there will be no material impact on its
operations or the continued sale of copper concentrate from
It said: "All copper concentrate produced at Kipoi is sold at
the mine-gate under the terms of an off-take contract with
Trafigura Beheer BV.
"The copper concentrate is currently sold either to domestic
customers in the DRC or exported to the Chambishi smelter in
"The percentage of copper concentrate sold by export in Q1 2013
"Under existing market conditions local sales and export sales
achieve very similar net revenues.
"There is sufficient demand from local smelters in the DRC to
accommodate all of the concentrate sales from Kipoi.
"Currently, export sales of Kipoi concentrate are made under
valid export permits executed by the Governor of Katanga and the
Regional Minister of Mines.
"The DRC Government is seeking to encourage miners to process
and refine copper concentrates in-country to secure the value-add
economic benefits of beneficiation and refining for the nation.
"The Minister of Mines is aware of Tiger's current development
of a solvent extraction electro-winning (SXEW) plant at Kipoi,
which will result in production of a high value-added LME-grade
copper cathode product from mid-2014."
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