Tiger Resources Clarification of Export Sales Arrangements; Fell 7% To Yr Lows Thursday


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 ( DRC ). Tiger believes there will be no material impact on its operations or the continued sale of copper concentrate from Kipoi.

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 Zambia.

"The percentage of copper concentrate sold by export in Q1 2013 was 17%.

"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."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: DRC

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