***Preliminary Audited Financials Released ***
results for the year ending 31 March 2013. ****http://www.marketwire.com/press-release/african-copper-plc-african-copper-company-group-final-results-year-31-march-2013-aim-acu-1807041.htm
Summary
•In 2013, production of copper increased by 37% to 9,496 Mt (2012: 6,910 Mt). Record production levels were seen in March 2013 with 1,314 tonnes of copper in concentrate produced.
•Increases in production levels and operational improvements led to revenues increasing by 41.3% to US$60.5 million (2012: US$ 42.8 million).
•Past production issues were addressed to create stable and efficient operations to achieve operating profit from mining operations of US$13.7 million (2012: Loss of US$4.6 million).
•At the Mowana Mine, the plant processed an average of 66,825 tonnes of ore per month (2012: 61,577 Mt).
•801,901 tonnes of ore were processed this year, a 9% increase from last year (2012: 738,921 Mt). This was all from the Thakadu pit with an average grade of 1.78% (2012: only 73% from Thakadu at 1.93%).
•Overall loss of US$15.8 million due to administrative costs, increased finance costs and foreign exchange losses which was still a reduced loss on the prior year (2012: US$42.6 million).
•In March 2013, we saw the Company's controlling shareholder ZCI limited ("ZCI") suspend its process to unlock value from its investment in African Copper as its board believed it had not received proposals that reflected the true value and potential of the Company. As a result, we have continued to see strong support from ZCI during the year as its board continues to work towards realizing the full value of its investment in African Copper.
