Katanga Mining Ltd Ord KATFF

RE:RE:RE:RE:RE:RE:Any updates from the meeting?

[topdop]

@stockhunter20001 here are my reports post AGM Cut & pasted from my Blog.

Update 1 of 4:
So, very happy to correct myself @Lech1988 regarding the "Glencore Co ruse" of which we have talked.

I'm told from the AGM, it was mentioned by outgoing CEO that since encountering the radiometric problems, they have had some success removing hightened concentrations of uranium using phosphoric acid and that in future, the IEC, once completed, will infact treat ALL the cobalt feed stock going to the concentrator.

www.researchgate.net/...

CEO confirmed that amoungst the long-lead items that have indeed been ordered, resin/resin beads were on that list. Other items like steel, control, concrete can all be ordered at point of construction. So this is confirmation indeed that the IEC is a "go".

en.m.wikipedia.org/...

He also concluded that Kinshasa didn't initially buy into the IEC as they have rarely been used in this capacity on the Central African Copperbelt. CEO confirmed it was just a process to take them through the IEC process, the chemistry and take them to see a few in operation elsewhere to obtain their support.

More when I hear more...

These are my views only. Thanks for reading.

Update 2 of 4:
More from AGM: am told both CEO and Chairman admitted it was a bit of a "misstep" announcing new CEO when Darren hadn't actually fully committed to the new (intense) role. Living in Cape Town, SA (family) & Kitwe, Zambia (work), he apparently lives on airplanes and "his wife wasn't too happy".

Well, we're all human...

Am also told the new CEO, who as a "coal" guy thus attracting certain trepidation, was "personally vouched for" by Hugh, the Chairman.

Also Darren, ex-CEO after 2nd May will also no longer hold any roles within Glencore. But "may pop up with them again in the future".

These are my views only. Thanks for reading

Update 3 of 4:
More from the AGM: during Darren's PowerPoint, a slide showed present C1 at $1.78 (if I recall correctly).

A question was asked what Management expected might be the net benefit to C1 from Sulphuric Acid credits shortly (significant construction progress of this new plant was shown on other slides) to start being generated (the plant has been turned on and sulphuric acid production is happening, just not anywhere near design capacity)...

Darren turned to the new CFO to see what answer could be given and the CFO said "tell them" so Darren said "three hundred, three hundred and fifty dollars a tonne".

...that being the cost to buy sulphuric acid. In future, that will be a major cost item largely removed as an expense. Now we don't know how much the various operations consume, but it will be significant...

Given all of this, I would expect C1 to come down by another 15% to 20% in the course of a year.

These are my views only. Thanks for reading.

Update 4 of 4:
And here is my last post from the AGM: Danny's presentation indicated there are 4 production sources within KCC operations. You can look these up off the website. He outlined that in 2018, KCC moved over ~61 MILLION tonnes of material; this being waste & ore.

That's well over a million tonnes PER WEEK and will be larger now in 2019 given ramp-up continues and given the rainy season is over.

With these large scales of ops, it was agreed with Danny that a Resource can thereafter be depleated rather quickly. Given KCC is bang, smack in the middle of the best Cu/Co endowment belt on the planet, it was suggested that KAT should be doing some other, off-site, green-field exploration additionally to everything else.

They are not. Not yet. They are however, developing their existing resources (KOV pit going underground for example) in those 4 production areas and "the opportunity is very attractive".

I still believe a small, decent budgeted, independent crew mandated to do target assessment & exploration elsewhere is a valuable idea.

I will be discussing this further with Management in the coming months.

These are my views only. Thanks for reading.

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