Proactiveinvestors United Kingdom Tiger Resources Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Tiger Resources Ltd RSS feed en Mon, 17 Jun 2019 13:51:33 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Tiger Resources in ASX trading halt ]]> https://www.proactiveinvestors.co.uk/companies/news/157648/tiger-resources-in-asx-trading-halt-66196.html Tiger Resources (ASX:TGS) has been granted a trading halt by the ASX pending details in relation to finalisation of the debt refinancing facility, and a capital raising.

In October Tiger agreed a terms sheet with Taurus Mining Finance Fund and International Finance Corporation, a member of the World Bank Group.

This was for a common terms agreement for a US$162.5 million secured financing facility for the refinancing and expansion of the Kipoi Copper Project.

The project is located in the Katanga Province of the Democratic Republic of Congo.

The halt will remain in place until the opening of trade on Friday 18th December 2015, or earlier if an announcement is made to the market.

 

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Wed, 16 Dec 2015 12:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/157648/tiger-resources-in-asx-trading-halt-66196.html
<![CDATA[News - Tiger Resources chairman Neil Fearis increases stake on-market ]]> https://www.proactiveinvestors.co.uk/companies/news/66563/tiger-resources-chairman-neil-fearis-increases-stake-on-market-77675.html Tiger Resources (ASX:TGS) chairman Neil Fearis has increased his indirect interest in the company through an on-market purchase.

Indirect interests of Fearis acquired 300,000 shares in the company for $19,500, or an average of $0.065 each. He now holds 500,000 shares.

In January, the company forecast 2015 production from its Kipoi Copper Project in the Democratic Republic of Congo to be 25,000 tonnes of copper cathode at an all-in sustaining cash cost of between US$1.57 and US$1.67 per pound.

It also expects to be in position to confirm timing of the Phase 2 expansion to 50,000 tonnes per annum once long term finance facilities are in place that are suitably to the projected Kipoi cashflow profile.

Project optimisation work continues with potential to lower mining costs versus feasibility assumptions. This also includes the reduction or removal of the tank leach (the majority of the Phase 3 capital estimate), which will further enhance project returns.



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Wed, 25 Feb 2015 14:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/66563/tiger-resources-chairman-neil-fearis-increases-stake-on-market-77675.html
<![CDATA[News - Tiger Resources extends Taurus facility ]]> https://www.proactiveinvestors.co.uk/companies/news/66140/tiger-resources-extends-taurus-facility-77209.html Tiger Resources (ASX:TGS) has amended terms for the US$100 million acquisition finance facility from Taurus Mining Finance Fund to 31st January 2016 that will improve balance sheet liquidity.

This will also enable Tiger to look at long term funding alternatives, which are now at an advanced stage.

The facility was used to partially fund the acquisition of a 40% interest in the Kipoi Copper Project in the Democratic Republic of Congo. This is currently drawn to US$75 million.

Under the amended terms, Tiger has the right to extend the facility from 17th October 2015 (the current expiry date of the facility) to 31st January 2016 at an interest rate of 11% per annum.

The agreement is subject to the issue of 55 million options to Taurus with a four-year term exercisable at A$0.10, of which 7,911,609 will be issued immediately and the balance by 31st May 2015.

“The amended terms with Taurus provide for a significant improvement to Tiger’s balance sheet liquidity through 2015 while the company continues to pursue several long term funding alternatives, which are now at an advanced stage,” managing director Brad Marwood said.

In January, the company forecast 2015 production from its Kipoi Copper Project in the Democratic Republic of Congo to be 25,000 tonnes of copper cathode at an all-in sustaining cash cost of between US$1.57 and US$1.67 per pound.

It also expects to be in position to confirm timing of the Phase 2 expansion to 50,000 tonnes per annum once long term finance facilities are in place that are suitably to the projected Kipoi cashflow profile.

Project optimisation work continues with potential to lower mining costs versus feasibility assumptions. This also includes the reduction or removal of the tank leach (the majority of the Phase 3 capital estimate), which will further enhance project returns.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 11 Feb 2015 15:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/66140/tiger-resources-extends-taurus-facility-77209.html
<![CDATA[News - Tiger Resources director increases indirect stake through on-market trade ]]> https://www.proactiveinvestors.co.uk/companies/news/65974/tiger-resources-director-increases-indirect-stake-through-on-market-trade-77020.html Tiger Resources (ASX:TGS) non-executive director Michael Griffiths has increased his indirect interest in the company through an on-market purchase.

Indirect interests of Griffiths acquired 138,000 shares in the company for $9,936, or an average of $0.072 each.

In January, the company forecast 2015 production from its Kipoi Copper Project in the Democratic Republic of Congo to be 25,000 tonnes of copper cathode at an all-in sustaining cash cost of between US$1.57 and US$1.67 per pound.

It also expects to be in position to confirm timing of the Phase 2 expansion to 50,000 tonnes per annum once long term finance facilities are in place that are suitably to the projected Kipoi cashflow profile.

Project optimisation work continues with potential to lower mining costs versus feasibility assumptions. This also includes the reduction or removal of the tank leach (the majority of the Phase 3 capital estimate), which will further enhance project returns.


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Thu, 05 Feb 2015 17:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/65974/tiger-resources-director-increases-indirect-stake-through-on-market-trade-77020.html
<![CDATA[News - Tiger Resources, Genetic Technologies are Monday's most traded ]]> https://www.proactiveinvestors.co.uk/companies/news/157647/tiger-resources-genetic-technologies-are-mondays-most-traded-60447.html Monday's ASX volume leaders at the close.

CompanyCodeLastChangeVolume Tiger Resources TGS $0.058 18.37% 67,649,635 Genetic Technologies GTG $0.020 -20% 41,813,920 PHW Consolidated PHW $0.003 50% 31,474,805 Fortescue Metals FMG $2.310 -2.12% 30,635,979 MDS Financial Group MWS $0.003 0% 28,303,333 Telstra TLS $6.530 0.46% 24,823,877 Carbon Energy CNX $0.027 -22.86% 21,035,785 OBJ LIMITED OBJ $0.077 -9.41% 17,722,489 Lynas Corporation LYC $0.044 -2.22% 16,638,007 Titan Energy TTE $0.029 16% 16,197,577

 

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Tue, 03 Feb 2015 08:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/157647/tiger-resources-genetic-technologies-are-mondays-most-traded-60447.html
<![CDATA[News - Tiger Resources forecasts 2015 copper production at 25,000 tonnes ]]> https://www.proactiveinvestors.co.uk/companies/news/65797/tiger-resources-forecasts-2015-copper-production-at-25000-tonnes-76818.html Tiger Resources (ASX:TGS) has forecast 2015 production to be 25,000 tonnes of copper cathode at an all-in sustaining cash cost of between US$1.57 and US$1.67 per pound.
    
Costs are expected to fall through 2015 due to the transition to predominantly grid power on-site.

The Kipoi Copper Project in the Democratic Republic of Congo is operating at nameplate capacity of 25,000 tonnes per annum.

The company also expects to be in position to confirm timing of the Phase 2 expansion to 50,000 tonnes per annum once long term finance facilities are in place that are suitably to the projected Kipoi cashflow profile.

Project optimisation work continues with potential to lower mining costs versus feasibility assumptions. This also includes the reduction or removal of the tank leach (the majority of the Phase 3 capital estimate), which will further enhance project returns.

There are also a number of options to minimise the working capital build associated with expanded production.


Kipoi Reserves

Current Reserves at the Kipoi Project supports a 10 year mine of life at the targeted Phase 2 production rate of 50,000tpa.

Existing HMS floats and Kipoi ROM stockpiles of 5.2 million tonnes at 2.5% copper for 134,000 tonnes of copper to provide feed until Q3 2017 at current stacking and production rates.

This means there is effectively no mining operational risk during this period and reduced process risk due to high confidence of stockpile composition.

The Reserve is dominated by the Kipoi Central deposit, which is expected to contribute about 70% of the plant feed for the first 10 years.

In addition, the Kileba deposit provides flexibility around material movements on re-commencement of mining.

Satellite orebodies offer potential for significant LOM extensions.


Mining

Mining operations are expected to recommence at Kipoi no earlier than the first half of 2017.

The required timing of fresh ROM material is dependent on the timeline for Phase 2 expansion of the solvent-extraction and electro-winning facility; at current stacking rates above ground stockpiles will be fully depleted by 1H 2019.

Currently, the plan is based on mining initially recommencing at Kipoi Central and Kileba

The Kipoi reserve estimate assumes an average mining cost of US$4.50/t material moved (contract mining). Potential exists to materially reduce this number.

Kipoi Central pre strip (40 million tonnes) is free dig and Tiger expects actual overburden mining costs to be closer to US$2.60/t.

It also expects a sustainable ore mining cost in the range of US$3.60-4.00/t material moved based on revised modelling of the contract mining case.


December Quarter 2014

During the December Quarter, Tiger produced 6,438 tonnes of copper cathode, exceedingnameplate design by 3%.

Record production of 2,301 tonnes was also noted in December.

Sales for the quarter were 6,516 tonnes of copper cathode at a realised price of US$6,565/tonne, for gross revenue of US$42.7 million.

Operating costs for the quarter were US$1.81 per pound with processing costs reflecting the plant running on 100% diesel power.

Tiger had $21.6 million in cash and deposits at call as of 31st December 2014.


Analysis

Tiger Resources is forecasting 2015 production at 25,000 tonnes of copper cathode - in line with nameplate capacity of the Kipoi SXEW plant – demonstrates its continued confidence in the project.

All-in sustaining cash cost for 2015 are expected to fall between US$1.57 and US$1.67 per pound, giving the company a comfortable margin at current copper prices of about US$2.45 per pound.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 30 Jan 2015 11:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/65797/tiger-resources-forecasts-2015-copper-production-at-25000-tonnes-76818.html
<![CDATA[News - Tiger Resources director increases stake through on-market trade ]]> https://www.proactiveinvestors.co.uk/companies/news/64529/tiger-resources-director-increases-stake-through-on-market-trade-75379.html Tiger Resources (ASX:TGS) non-executive director David Constable has demonstrated his confidence in its operations by increasing his stake in the company through an on-market purchase.

He bought 100,000 shares for a total of $12,000, or $0.12 each, increasing his direct shareholding to 150,000 shares.

Constable also holds 600,000 options exercisable at $0.46 each and expiring on 21 May 2015.

This follows on chairman Neil Fearis increasing his indirect interest in the company by 200,000 shares at an average price of $0.13 per share earlier this month.

Tiger is focused on reducing its net debt with cash flow from its Kipoi Copper Project in the Democratic Republic of Congo.

It is also confident of refinancing the US$100 million Taurus bridge facility which is due for repayment in mid-October 2015.

The solvent extraction and electrowinning plant at Kipoi continues to achieve nameplate copper cathode production rates of 25,000 tonnes per annum.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 12 Dec 2014 14:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/64529/tiger-resources-director-increases-stake-through-on-market-trade-75379.html
<![CDATA[News - Tiger Resources chairman increases indirect stake through on-market trade ]]> https://www.proactiveinvestors.co.uk/companies/news/64398/tiger-resources-chairman-increases-indirect-stake-through-on-market-trade-75230.html Tiger Resources (ASX:TGS) chairman Neil Fearis has increased his indirect interest in the company through an on-market purchase.

Indirect interests of Fearis acquired 200,000 shares for $26,000, or an average of $0.13 per share.

This increases his indirect interest up to 200,000 shares and 1 million options exercisable at $0.46 each and expiring 21 May 2015.

Tiger is focused on reducing its net debt with cash flow from its Kipoi Copper Project in the Democratic Republic of Congo.

It is also confident of refinancing the US$100 million Taurus bridge facility which is due for repayment in mid-October 2015.

The solvent extraction and electrowinning plant at Kipoi continues to achieve nameplate copper cathode production rates of 25,000 tonnes per annum.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 09 Dec 2014 14:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/64398/tiger-resources-chairman-increases-indirect-stake-through-on-market-trade-75230.html
<![CDATA[News - Tiger Resources focused on repaying debt with Kipoi cashflow ]]> https://www.proactiveinvestors.co.uk/companies/news/64348/tiger-resources-focused-on-repaying-debt-with-kipoi-cashflow-75179.html Tiger Resources (ASX:TGS) continues to achieve nameplate copper cathode production rates of 25,000 tonnes per annum at its Kipoi Copper Project in the Democratic Republic of Congo.

The company is currently focused on paying back its debt and sorting a longer term facility.

This includes refinancing the US$100 million Taurus bridge facility which is due for repayment in mid-October 2015.

It is confident that this process is on track for completion during the first half of 2015.

The company will also seek to maximise efficiencies and cashflow from the installed solvent-extraction and electro-winning (SXEW) capacity at Kipoi.

Following the refinancing, Tiger will re-evaluate the development for the Kipo Phase 2 expansion, which has been postponed.

While the Kipoi Phase 2 expansion to 50,000tpa represents a low-risk, low capital intensity growth option with attractive returns, its postponement allows cash flow from copper cathode production to reduce the level of net debt.

In addition to the deferral of capital expenditure associated with the expansion, the current SXEW operations will continue to process ore from existing stockpiles at Kipoi, thereby extending the period before recommencing mining activities.


Kipoi Copper Project

In September, the SXEW plant reached and sustained its annual nameplate production rate of 25,000 tonnes of copper cathode.

Tiger stated it was confident of achieving its 2014 production guidance of 14,000 tonnes copper cathode.

First copper cathode was produced on 25 May 2014 with the SXEW plant officially opened on 11 October by the DRC Minister of Mines.

During the September quarter, the SXEW plant produced 5,620 tonnes of copper cathode at C1 costs of US$ 1.56 per pound.

Stacked ore grades averaged 2.31% copper, reflecting the lower average grade of the HMS floats material initially sourced and stacked on the heap leach early in the quarter.

Over the first 12 months of SXEW operation the stacked grades are expected to average 3%, being the average reserve grade of the HMS floats stockpile scheduled as ore feed to the SXEW heap leach operations.


Analysis

Tiger Resources is company is focussed on paying back debt and sorting a longer-term facility.

The Kipoi Copper Project had achieved low operating cash costs of US$1.56 per pound during the September quarter and continues to produce at its nameplate rate of 25,000 tonnes of copper cathode per annum.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 08 Dec 2014 12:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/64348/tiger-resources-focused-on-repaying-debt-with-kipoi-cashflow-75179.html
<![CDATA[News - Tiger Resources managing director buys shares on-market ]]> https://www.proactiveinvestors.co.uk/companies/news/64251/tiger-resources-managing-director-buys-shares-on-market-75077.html Tiger Resources (ASX:TGS) managing director Bradley Marwood has acquired 704,314 shares in the company through an on-market trade.

He paid $98,604, or $0.14 each, taking his total holding up to 3,159,230 shares.

This follows finance director Stephen Hills acquiring 1 million shares on-market for $127,500.

In November, Tiger was assigned a ‘B-’ credit rating from Standard and Poor’s and a provisional ‘B2’ credit rating from Moody’s Investor Services.

This first time assignment of credit ratings is a milestone as the company progresses its strategy to restructure its existing facilities.

It has also maintained its 2014 production guidance of 14,000 tonnes copper cathode from its Kipoi Copper Project in the Democratic Republic of Congo following strong performance in the September quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 05 Dec 2014 03:57:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/64251/tiger-resources-managing-director-buys-shares-on-market-75077.html
<![CDATA[News - Tiger Resources finance director buys one million shares on-market ]]> https://www.proactiveinvestors.co.uk/companies/news/64203/tiger-resources-finance-director-buys-one-million-shares-on-market-75020.html Tiger Resources (ASX:TGS) finance director Stephen Hills has aligned his interests with shareholders by acquiring 1 million shares in the company through an on-market trade.

He paid $127,500, or $0.1275 each, for the shares, taking his total holding up to 1,613,863 shares.

In November, Tiger was assigned a ‘B-’ credit rating from Standard and Poor’s and a provisional ‘B2’ credit rating from Moody’s Investor Services.

This first time assignment of credit ratings is a milestone as the company progresses its strategy to restructure its existing facilities.

It has also maintained its 2014 production guidance of 14,000 tonnes copper cathode from its Kipoi Copper Project in the Democratic Republic of Congo following strong performance in the September quarter.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 04 Dec 2014 03:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/64203/tiger-resources-finance-director-buys-one-million-shares-on-market-75020.html
<![CDATA[News - Tiger Resources receives credit rating from Standard and Poor’s ]]> https://www.proactiveinvestors.co.uk/companies/news/63319/tiger-resources-receives-credit-rating-from-standard-and-poors-73985.html Tiger Resources (ASX:TGS) has been assigned a ‘B-’ credit rating from Standard and Poor’s and a provisional ‘B2’ credit rating from Moody’s Investor Services with both agencies citing a stable outlook.

The first time assignment of credit ratings is a milestone as the company progresses its strategy to restructure its existing facilities.

It is advancing a number of alternative competitive financing sources with the aim of securing a strong balance sheet platform from which it can realise the full value of the Kipoi project.

In October, Tiger moved to 100% ownership of the Kipoi Copper Project in the Democratic Republic of Congo.

This elevates the company to become the fourth largest attributable copper producer on the ASX and the largest copper cathode producer.

A 2.5% gross turnover royalty will be retained by the vendor Gécamines, and Tiger also intends to cede a 5% interest in Société d’Exploitation de Kipoi SA to the DRC Government to bring the mining title into alignment with mining law and regulations in the DRC.

Tiger has also maintained that it will achieve its 2014 production guidance of 14,000 tonnes copper cathode.

The company had $71 million in cash and deposits at call as at 30 September 2014. 


Credit Ratings

The respective ratings levels from Standard and Poor’s and Moody’s reflects both Kipoi’s low cost position in the copper industry and the project’s domicile in the Democratic Republic of Congo.

Standard and Poor’s has assigned a B-/stable rating to the DRC while Moody’s has assigned a B3/stable rating.

The ability to obtain a credit rating is one of the key tangible benefits that the recent consolidation of the Kipoi Joint Venture provides to Tiger’s shareholders. 

A rating may not have been possible under the previous structure. 

This highlights the broader range of financing solutions which Tiger is able to pursue under the revised ownership structure.    


Kipoi Project

In September, its solvent extraction electro-winning (SXEW) plant at Kipoi reached and sustained its annual nameplate production rate of 25,000 tonnes of copper cathode in September.

The plant produced 5,620 tonnes of copper cathode during the September quarter at C1 costs of US$1.56 per pound, includes a non-cash mining cost of $0.34/lb.

Stacked ore grades averaged 2.31% copper, reflecting the lower average grade of the HMS floats material initially sourced and stacked on the heap leach early in the quarter.

Over the first 12 months of SXEW operation the stacked grades are expected to average 3%, being the average reserve grade of the HMS floats stockpile scheduled as ore feed to the SXEW heap leach operations.

Recovery performance of the 2 heaps has been within expectations despite the ore stacked onto pad 1 being only 50% agglomerated, whilst pad 2 was 100% agglomerated.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 03 Nov 2014 12:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/63319/tiger-resources-receives-credit-rating-from-standard-and-poors-73985.html
<![CDATA[News - Tiger Resources maintains Kipoi production guidance ]]> https://www.proactiveinvestors.co.uk/companies/news/62906/tiger-resources-maintains-kipoi-production-guidance-73498.html Tiger Resources (ASX:TGS) remains confident of achieving its 2014 production guidance of 14,000 tonnes copper cathode following strong performance in the September quarter and the operation to benefit from higher grades in the coming months.

This follows its acquiring the remaining 40% in the Kipoi Copper Project in the Democratic Republic of Congo.

In September, its solvent extraction electro-winning (SXEW) plant at Kipoi reached and sustained its annual nameplate production rate of 25,000 tonnes of copper cathode in September.

First copper cathode was produced on 25 May 2014 with the SXEW plant officially opened on 11 October by the DRC Minister of Mines.

Production

During the September quarter, the SXEW plant produced 5,620 tonnes of copper cathode. 

Stacked ore grades averaged 2.31% copper, reflecting the lower average grade of the HMS floats material initially sourced and stacked on the heap leach early in the quarter.

Over the first 12 months of SXEW operation the stacked grades are expected to average 3%, being the average reserve grade of the HMS floats stockpile scheduled as ore feed to the SXEW heap leach operations.

Recovery performance of the 2 heaps has been within expectations despite the ore stacked onto pad 1 being only 50% agglomerated, whilst pad 2 was 100% agglomerated.

Operating costs

The C1 costs for copper cathode produced during the quarter of US$1.56 per pound, includes a non-cash mining cost of $0.34/lb.

Tiger is currently treating stockpiled ore from the HMS operation and as such the operation does not incur any material cash mining costs.

Mining operations will not be resumed until late 2016.

Processing costs will contribute the majority of the Kipoi cost base over the non-mining period. 

During the quarter, 100% of the power was sourced from diesel generation due to higher reliability, with power costs accounting for $0.44/lb of the C1 unit costs in the quarter. 

The company has put in place a number of initiatives and agreements to be able to reach the DFS targeted power supply mix of 90% grid and 10% diesel.

The current 5MVa transformer that links Kipoi to the national grid, has capacity to draw 3.8 megawatts, which represents about 33% of Kipoi’s power requirements for the 25,000tpa cathode copper operation.

It has commenced upgrading the power infrastructure to install two 30MVa transformers, with the first unit ordered and expected to be installed during the June quarter 2015. Once the first 30MVa transformer has been installed, Kipoi should be able to draw at least 90% of its power requirements from the grid.

The increased use of grid power and the transition to achieve the long term power supply targets of 90% grid and 10% diesel, will be a major factor in driving down unit production costs.

Kipoi SXEW expansion

Tiger is currently in the process of completing an updated study to increase SXEW capacity to 50,000 tonnes of copper cathode per annum. 

It will only pursue this expansion once long term financing is in place.

The company believes that following the consolidation of the Kipoi JV, the Kipoi expansion to 50,000 tonnes per annum presents one of the lowest capital intensity expansion opportunities in the copper industry today. 

The expansion of a relatively high grade ore body utilising industry standard technology which essentially replicates the current installed SXEW infrastructure at Kipoi carries an execution risk significantly lower than competing projects in the copper sector.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 21 Oct 2014 11:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/62906/tiger-resources-maintains-kipoi-production-guidance-73498.html
<![CDATA[News - Tiger Resources moves to 100% ownership of Kipoi Copper Project ]]> https://www.proactiveinvestors.co.uk/companies/news/62865/tiger-resources-moves-to-100-ownership-of-kipoi-copper-project-73450.html Tiger Resources (ASX:TGS) has now completed a transformational acquisition to become the 100% owner of the Kipoi Copper Project in the Democratic Republic of Congo.

Tiger has acquired the remaining 40% shareholding in Société d’Exploitation de Kipoi SA (SEK).

The deal elevates Tiger to become the fourth largest attributable copper producer on the ASX and the largest copper cathode producer.

This follows the drawdown of US$50M against the finance facility with Taurus Mining Finance Fund.

Tiger recently completed a $72.8 million capital raising that together with a US$100 million funding facility with Taurus Mining Finance Fund, will pay for the US$111 million acquisition of the remaining 40% in Kipoi.

Earlier in the month Tiger hit a key milestone at the project, achieving nameplate production from at its solvent-extraction and electro-winning (SXEW) plant within 11 weeks.

The plant produced 2,015 tonnes of copper cathode in August, or 97% of nameplate design, and 2,104t in September (101% of nameplate).

Kipoi remains on track to achieve increased production guidance of 14,000 tonnes of copper cathode in 2014.

Brad Marwood, managing director for Tiger, said it was pleasing that Tiger had met all necessary conditions and received DRC Government approval for the transaction according to its timeline.

“The acquisition of the remaining 40% of SEK offers Tiger a compelling opportunity to acquire a producing copper asset we already operate.

"We now have a clear, low capital intensity growth profile to 50ktpa and with ownership of the Kipoi Project rationalised we are able to explore a broader range of options to put in place a long term financing structure for the company.”


SEK becomes a wholly-owned subsidiary

SEK becomes a wholly-owned subsidiary of Tiger as a result of the acquisition.

A 2.5% gross turnover royalty payable by SEK will be retained by the vendor Gécamines, and Tiger also intends to cede a 5% interest in SEK to the DRC Government to bring the mining title into alignment with mining law and regulations in the DRC.


The Kipoi Copper Project

The Kipoi Copper Project is located 75 kilometres north-northwest of Lubumbashi in the Katanga Province of the DRC.

Copper cathode production commenced on the 25 May while copper concentrate production is current being phased out.
    
The Stage 2 SXEW Plant is expected to produce 25,000 tonnes of copper cathode in its first 12 months of commercial production.

For the first three years of its operation, the plant will draw on stockpiles produced from its Stage 1 heavy media separation (HMS) plant. The Stage 1 operations have produced stockpiles with 159,600 tonnes of contained copper.

The forecast SXEW life of mine (LOM) site cash operating cost is $1.04 per pound, and forecast LOM C3 cost (all-in cost, including capital expenditure) is US$1.75/lb.

It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, and within the nearby 100%-owned Lupoto Project, will also be processed during the SXEW operations, providing additional returns and increasing the ore reserves available as feedstock to the SXEW plant.

Increased resources from these deposits will potentially increase the mine life and/or the annual plant throughput.

The Feasibility Study for Stage 2 has confirmed the operation as a low-cost, high-margin project capable of producing 538,000 tonnes of copper cathode over 11 years.


Analysis

Tiger now wholly-owns the Kipoi Copper Project, which delivers a low risk opportunity to lift annual production from an asset that it already operates and understands.

Moving to 100% of Kipoi should open up additional, beneficial long term financing options.

The deal elevates Tiger to become the fourth largest attributable copper producer on the ASX and the largest copper cathode producer.

The acquisition also removes the joint venture ownership structure at project level.

Kipoi also offers further opportunities to grow through near-mine exploration, sourcing plant feed from elsewhere in the Kipoi region and doubling copper cathode production to 50,000t per annum.

The forecast SXEW life of mine site cash operating cost is just $1.04 per pound, and forecast LOM C3 cost including capital expenditure is US$1.75/lb.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 20 Oct 2014 09:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/62865/tiger-resources-moves-to-100-ownership-of-kipoi-copper-project-73450.html
<![CDATA[News - Tiger Resources hits nameplate copper cathode production milestone at Kipoi ]]> https://www.proactiveinvestors.co.uk/companies/news/62486/tiger-resources-hits-nameplate-copper-cathode-production-milestone-at-kipoi-73018.html Tiger Resources (ASX:TGS) has hit a key milestone, achieving nameplate production at its Kipoi Copper Project solvent-extraction and electro-winning (SXEW) plant in the Democratic Republic of Congo (DRC) within 11 weeks.

Shares in the company should open higher today on this stand-out result that clearly demonstrates the capabilities of the operating team and management at Kipoi.

The plant produced 2,015 tonnes of copper cathode in August, or 97% of nameplate design, and 2,104t in September (101% of nameplate).

Kipoi remains on track to achieve increased production guidance of 14,000 tonnes of copper cathode in 2014.

Tiger has recently completed a $72.8 million capital raising that together with a US$100 million funding facility with Taurus Mining Finance Fund, will pay for the US$111 million acquisition of the remaining 40% in Kipoi.

The acquisition will increase attributable earnings for Tiger in FY14 and its attributable copper reserves to 737,000t.

“With the SXEW now achieving production expectations we will focus on cathode production as the commercial returns are significantly superior to those associated with concentrate production. Planning for the transition to 100% cathode production has commenced,” managing director Brad Marwood said.

He had previously noted that it could take more than six months to bring an SXEW plant into production, a timeline that the company has beaten quite handily.

Tiger expects Kipoi to produce 25,000t of copper cathode in its first 12 months of commercial production.

Kipoi Copper Project

The Kipoi Copper Project is located 75 kilometres north-northwest of Lubumbashi in the Katanga Province of the DRC.

Copper cathode production commenced on the 25 May while copper concentrate production is current being phased out.
    
The Stage 2 SXEW Plant is expected to produce 25,000 tonnes of copper cathode in its first 12 months of commercial production.

For the first three years of its operation, the plant will draw on stockpiles produced from its Stage 1 heavy media separation (HMS) plant. The Stage 1 operations have produced stockpiles with 159,600 tonnes of contained copper.

The forecasted SXEW life of mine (LOM) site cash operating cost is $1.04 per pound, and forecast LOM C3 cost (all-in cost, including capital expenditure) is US$1.75/lb.    

It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, and within the nearby 100%-owned Lupoto Project, will also be processed during the SXEW operations, providing additional returns and increasing the ore reserves available as feedstock to the SXEW plant.

Increased resources from these deposits will potentially increase the mine life and/or the annual plant throughput

The Feasibility Study for Stage 2 has confirmed the operation as a low-cost, high-margin project capable of producing 538,000 tonnes of copper cathode over 11 years.

Analysis

Achieving nameplate copper cathode production at the Kipoi Copper Project within just 11 weeks of start-up is a strong result and highlights the operational ability of Tiger Resources to achieve ahead of guidance. 

Proactive Investors believes there is every reason for the company to achieve its increased guidance of 14,000 tonnes of copper cathode in 2014 as well as the 25,000t target in the first 12 months of commercial production.

Adding to this, the company is acquiring the remaining 40% in Kipoi, which offers a low risk opportunity to lift annual production from an asset that it already operates and understands.

Kipoi also offers further opportunities to grow through near-mine exploration, sourcing plant feed from elsewhere in the Kipoi region and doubling copper cathode production to 50,000t per annum.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 07 Oct 2014 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/62486/tiger-resources-hits-nameplate-copper-cathode-production-milestone-at-kipoi-73018.html
<![CDATA[News - Tiger Resources completes retail entitlement offer ]]> https://www.proactiveinvestors.co.uk/companies/news/62073/tiger-resources-completes-retail-entitlement-offer-72586.html Tiger Resources (ASX:TGS) has completed the $27.6 million retail component of its fully underwritten 1 for 5 non-renounceable entitlement offer as part of a broader capital raising to acquire the remaining 40% in the Kipoi Copper Project.

The company had previously raised $26.1 million from the institutional component of the offer and $19.1 million from a placement to institutional investors.

Shareholders had subscribed for 3,625,992 shares priced at $0.30 each and Tiger will place the balance of 89,016,695 shares with the underwriters.

It has also secured a funding facility of up to US$100 million with Taurus Mining Finance Fund.

Kipoi Acquisition

Tiger is paying US$111 million for the remaining 40% in the Kipoi Copper Project in the Democratic Republic of Congo.

The acquisition will increase attributable earnings for Tiger in FY14 and is a low risk opportunity to lift annual production from an asset that Tiger already operates and understands.

It will also increase its attributable copper reserves to 737,000 tonnes and cement its future in the DRC as a 50,000t per year copper cathode producer once the proposed expansion of the SXEW facility has been completed.

After completion of the acquisition, Tiger intends to cede a 5% interest in SEK – holder of Kipoi – to the DRC Government to align Kipoi’s mining titles with the DRC Mining Code

The acquisition also elevates Tiger – already the lowest costs producer – to become the fourth largest copper producer on the ASX and its largest copper cathode producer.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 24 Sep 2014 12:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/62073/tiger-resources-completes-retail-entitlement-offer-72586.html
<![CDATA[News - Tiger Resources receives substantial shareholder notice from Acorn Capital ]]> https://www.proactiveinvestors.co.uk/companies/news/61893/tiger-resources-receives-substantial-shareholder-notice-from-acorn-capital-72395.html Tiger Resources (ASX:TGS) has received a notice of initial substantial shareholder from specialist microcap investment manager Acorn Capital, which has a 5.16% interest in the company.

Acorn had acquired the 58,952,361 shares in the company between 18 May 2009 and 17 September 2014 for a total of $14,335,239.23 at an average price of $0.24 a share.

It holds the shares as the discretionary investment managers or advisers to superannuation funds, pooled superannuation trusts, managed investment schemes and investment management agreements.

Tiger had at the beginning of this month completed the $45.6 million institutional component of its capital raising to acquire the remaining 40% in the Kipoi Copper Project in the Democratic Republic of Congo.

The acquisition offers a low risk opportunity to lift annual production and increase revenues in FY2014 from an asset that Tiger already operates and understands.

Besides increasing production and revenues, the US$111 million acquisition of the remaining 40% in Kipoi will also increase Tiger’s attributable copper reserves to 737,000 tonnes.

The retail component of the fully underwritten pro rata accelerated non-renounceable 1 for 5 entitlement offer priced at $0.30 per share to raise a further $27.8 million is currently underway.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 18 Sep 2014 12:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/61893/tiger-resources-receives-substantial-shareholder-notice-from-acorn-capital-72395.html
<![CDATA[News - Tiger Resources raises $45.6M for Kipoi acquisition ]]> https://www.proactiveinvestors.co.uk/companies/news/61322/tiger-resources-raises-456m-for-kipoi-acquisition-71784.html Tiger Resources (ASX:TGS) has received strong support for both existing and new investors with the completion of the $45.6 million institutional component of its capital raising to acquire the remaining 40% in the Kipoi Copper Project.

With that in the bag, shares were reinstated to official ASX listing today and should trader firmer.

The acquisition offers a low risk opportunity to lift annual production and increase revenues in FY2014 from an asset that Tiger already operates and understands.

Existing shareholders and a number of new domestic and international institutional investors had subscribed for $19.5 million shares placement priced at $0.30 per share and $26.1 million institutional component of the pro-rata non-renounceable entitlement offer.

The retail component of the fully underwritten pro rata accelerated non-renounceable 1 for 5 entitlement offer priced at $0.30 per share to raise a further $27.8 million will open on Friday, 5 September 2014.

Underwriting will be provided by Canaccord Genuity Australia.

Tiger has also secured a funding facility of up to US$100 million with Taurus Mining Finance Fund.

Kipoi Acquisition

Besides increasing production and revenues, the US$111 million acquisition of the remaining 40% in Kipoi will also increase Tiger’s attributable copper reserves to 737,000 tonnes.

Importantly, it cements the company’s future in the DRC as a 50,000t per year copper cathode producer once the proposed expansion of the SXEW facility has been completed.

After completion of the acquisition, Tiger intends to cede a 5% interest in SEK – holder of Kipoi – to the DRC Government to align Kipoi’s mining titles with the DRC Mining Code

The acquisition also elevates Tiger – already the lowest costs producer – to become the fourth largest copper producer on the ASX and its largest copper cathode producer.

Analysis

Both existing and new investors have demonstrated their support for Tiger Resources’ move to acquire the remaining 40% in the Kipoi Copper Project by subscribing for the $45.6 million institutional component of its capital raising.

A further $27.8 million will be raised through the retail portion of the rights issue, which is fully underwritten.

The acquisition of the remaining Kipoi stake becomes an easier sell given that it is a low risk opportunity to increase both production and revenue from an asset that Tiger Resources knows and understands well.

Kipoi also offers further opportunities to grow through near-mine exploration and sourcing plant feed from elsewhere in the Kipoi region.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 01 Sep 2014 10:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/61322/tiger-resources-raises-456m-for-kipoi-acquisition-71784.html
<![CDATA[News - Tiger Resources to acquire remaining 40% interest in Kipoi Copper ]]> https://www.proactiveinvestors.co.uk/companies/news/61246/tiger-resources-to-acquire-remaining-40-interest-in-kipoi-copper-71707.html Tiger Resources (ASX:TGS) has positioned itself to acquire the remaining 40% interest in the Kipoi Copper Project in the Democratic Republic of Congo.

The acquisition will increase attributable earnings for Tiger in FY14 and is a low risk opportunity to lift annual production from an asset that Tiger already operates and understands.

The purchase price is US$111 million, and will be funded by a $19.5 million placement, $53.9 million fully underwritten share entitlement offer and up to US$100 million debt facility.

Tiger Group currently holds 60% of the shares in SEK. Upon completion of the agreement, which remains subject to the satisfaction of certain conditions precedent.

Tiger will acquire the remaining 40% interest, resulting in SEK becoming a wholly-owned subsidiary of Tiger.

Following the acquisition, Tiger’s attributable copper reserves will increase to 737,000 tonnes.

Brad Marwood, managing director for Tiger Resources, commented: “Kipoi has been the cornerstone of our business over the past seven years and together with our DRC business partner we are proud of our achievements.

"We see the potential to grow our business by focusing on near-mine exploration and sourcing plant feed from elsewhere in the Kipoi region, thus ensuring the mine should operate well into the next decade.

“We believe the acquisition of the additional 40% interest in SEK to be earnings-accretive and offers the opportunity to grow our business and cement our future in the DRC as a 50,000t per year copper cathode producer once the proposed expansion of the SXEW facility has been completed.

“The purchase price is considered a good outcome for all parties having regard to the current 25,000tpa copper cathode production and the fact that the HMS operations are nearing the end of their life.”


DRC Government

Post completion of the transaction Tiger intends to cede a 5% interest in SEK to the DRC Government to bring the mining title into alignment with the current mining law and regulations in the DRC.

Tiger manages operations on behalf of SEK at Kipoi where the recently completed 25,000 tonne per annum solvent extraction electro-winning plant has been constructed and successfully commissioned.


Acquisition and funding details

The agreed purchase price is US$111 million, of which a deposit of US$6.5 million has been paid and a completion payment of US$104.5 million is due by 10 November 2014.

The equity component totalling $73.4 million will be funded via a:

- Placement of 65 million fully paid ordinary shares at $0.30 per share to raise $19.5 million; and
- Fully underwritten pro rata accelerated non-renounceable entitlement offer to raise $53.9 million .

Key terms of the entitlement offer include:

- Ratio: eligible shareholders will be invited to subscribe for 1 New Share for every 5 existing Tiger shares held at the Record Date; 
- Record Date: 7pm (Sydney time) on 2 September 2014; and
- Amount: $53.9 million.

Tiger has executed a finance facility with Taurus Mining Finance Fund, which will be partially used to fund the acquisition.

Key terms include:

- Facility amount: up to US$100 million;
- Term: 6 months with options to extend on a monthly basis for up to a further 6 months;
- Interest rate: 11% per annum;
- Extension fee: if the term extends beyond 6 months, a monthly extension fee of 0.5% of the facility amount is applicable; and
- Warrants: 20 million warrants with a four-year term exercisable at A$0.40.


Analysis

The acquisition will increase attributable earnings in FY14 for Tiger, and the company will become the ASX's largest listed copper cathode producer.

It is also the lowest-cost copper producer on the ASX, as well as the fourth biggest attributable copper producer.

This is a transformational acquisition for Tiger and we expect it to be share price accretive in the medium term, as it will increase attributable earnings and provides a low cost pathway to lift annual production from an asset that Tiger already operates and understands well.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 28 Aug 2014 10:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/61246/tiger-resources-to-acquire-remaining-40-interest-in-kipoi-copper-71707.html
<![CDATA[News - Tiger Resources asks for more time for material acquisition ]]> https://www.proactiveinvestors.co.uk/companies/news/61178/tiger-resources-asks-for-more-time-for-material-acquisition-71628.html Tiger Resources (ASX:TGS) has been granted more time from the ASX in the form of a voluntary suspension to finalise its material  acquisition plans.

The company expects to be in position to resume trading on Monday, 1 September 2014, though it expects to make a further announcement on 28 August.

It had on 25 August entered into a trading halt in relation to the material acquisition.

Tiger had earlier this month achieved a key milestone after declaring commercial copper cathode production at its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo within six weeks of start-up.

The Stage 2 solvent extraction electro-winning (SXEW) plant produced 1,501 tonnes of copper cathode in July operating at 72% of nameplate design.

It is on target to reach its increased guidance of 14,000 tonnes of copper cathode in 2014.

Tiger had in July arranged a further $25 million advance payment facility from Gerald Metals SA, adding to the existing $50 million facility and had raised approximately $20 million through a placement of shares priced at $0.34 each in June.

This will provide working capital for mining operations and the SXEW plant.

Notably, Gerald has an off-take agreement for 175,000 tonnes of copper cathode, with 100% of cathode production from the SXEW plant committed until that tonnage has been delivered.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 27 Aug 2014 13:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/61178/tiger-resources-asks-for-more-time-for-material-acquisition-71628.html
<![CDATA[News - Tiger Resources to make material acquisition ]]> https://www.proactiveinvestors.co.uk/companies/news/61118/tiger-resources-to-make-material-acquisition-71569.html Tiger Resources (ASX:TGS) is preparing to update the market on a material acquisition and has been granted an ASX trading halt.

The halt will remain in place until the earlier of the announcement being made or commencement of trade on Wednesday, 27 August 2014.

Tiger had earlier this month achieved a key milestone after declaring commercial copper cathode production at its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo within six weeks of start-up.

The Stage 2 solvent extraction electro-winning (SXEW) plant produced 1,501 tonnes of copper cathode in July operating at 72% of nameplate design.

It is on target to reach its increased guidance of 14,000 tonnes of copper cathode in 2014.

Tiger had in July arranged a further $25 million advance payment facility from Gerald Metals SA, adding to the existing $50 million facility and had raised approximately $20 million through a placement of shares priced at $0.34 each in June.

This will provide working capital for mining operations and the SXEW plant.

Notably, Gerald has an off-take agreement for 175,000 tonnes of copper cathode, with 100% of cathode production from the SXEW plant committed until that tonnage has been delivered.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 25 Aug 2014 10:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/61118/tiger-resources-to-make-material-acquisition-71569.html
<![CDATA[News - Tiger Resources hits commercial production milestone at Kipoi ]]> https://www.proactiveinvestors.co.uk/companies/news/157646/tiger-resources-hits-commercial-production-milestone-at-kipoi-56889.html Tiger Resources (ASX:TGS) has achieved another key milestone with commercial copper cathode production declared at its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo within six weeks of start-up.

The Stage 2 solvent extraction electro-winning (SXEW) plant produced 1,501 tonnes of copper cathode in July operating at 72% of nameplate design.

It is on target to reach its increased guidance of 14,000 tonnes of copper cathode in 2014.

Tiger had in July arranged a further $25 million advance payment facility from Gerald Metals SA, adding to the existing $50 million facility and had raised approximately $20 million through a placement of shares priced at $0.34 each in June.

This will provide working capital for mining operations and the SXEW plant.

Managing director Brad Marwood said achievement of commercial production within six weeks of start-up demonstrated the quality of the project and on-site team.

“We have a very good operating team and we are vigorously pursuing the next target of full design capacity of 2,083 tonnes per month of copper cathode,” he added.

“It can often take more than six months to bring an SXEW plant to full production; I expect we will beat this target.”

Tiger expects the plant to produce 14,000 tonnes of copper cathode this calendar year, and 25,000 tonnes of cathode in its first full 12 months of commercial production.

Kipoi Copper Project

Copper cathode production commenced on the 25 May at the Kipoi Copper Project, which is located about 75 kilometres north-northwest of Lubumbashi in the Katanga Province of the DRC.

The Stage 2 SXEW Plant is expected to produce 25,000 tonnes of copper cathode in its first 12 months of commercial production.

For the first three years of its operation, the plant will draw on stockpiles produced from its Stage 1 heavy media separation (HMS) plant. The Stage 1 operations have produced stockpiles with 159,600 tonnes of contained copper.

The forecasted SXEW life of mine (LOM) site cash operating cost is $1.04 per pound, and forecast LOM C3 cost (all-in cost, including capital expenditure) is US$1.75/lb.   

It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, and within the nearby 100%-owned Lupoto Project, will also be processed during the SXEW operations, providing additional returns and increasing the ore reserves available as feedstock to the SXEW plant.

Increased resources from these deposits will potentially increase the mine life and/or the annual plant throughput

The Feasibility Study for Stage 2 has confirmed the operation as a low-cost, high-margin project capable of producing 538,000 tonnes of copper cathode over 11 years.

Funding

Tiger had in July arranged a further $25 million advance payment facility from Gerald Metals SA, adding to the existing $50 million facility.

This is provided for working capital related to mining operations and the solvent-extraction and electro-winning plant at the Kipoi Copper Project.

Under the new agreement with Gerald, the total advance amount of $75 million is repayable by Tiger in 18 equal monthly instalments from January 2015 to June 2016.

Gerald has an off-take agreement for 175,000 tonnes of copper cathode, with 100% of cathode production from the SXEW plant committed until that tonnage has been delivered.

The company also raised about $20 million through a placement that will be used to implement discretionary early works capital expenditure for Phase II and Phase III of the planned SXEW expansion program.

This includes an upgrade to the power distribution network and site works for the installation of 30MVA electrical transformers, the early development of heap leach pads 2, 3 and 4, and the installation of a conveyor and stacker system which will replace the current 800 metres truck haulage requirement of ore to the heap leach operation.

These initiatives are expected to materially reduce unit operating costs in Phase I as well as facilitate the implementation of the Phase II and Phase III expansion.

Analysis

That Tiger Resources has achieved commercial copper cathode production from its Kipoi Copper Project within six weeks of start-up is a very strong outcome and places the company well on the road to achieving production guidance of 14,000 tonnes of copper cathode in 2014.

The company is currently progressing work to achieve full design capacity of 2,083 tonnes per month of copper cathode.

Cash on hand and deposit at 30 June 2014 was $21.8 million along with trade receivables, copper cathode and copper concentrate inventory available for immediate delivery of $12.3 million.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 13 Aug 2014 10:01:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157646/tiger-resources-hits-commercial-production-milestone-at-kipoi-56889.html
<![CDATA[News - Tiger Resources draws down $25M advance for Kipoi Copper ]]> https://www.proactiveinvestors.co.uk/companies/news/60018/tiger-resources-draws-down-25m-advance-for-kipoi-copper-70406.html Tiger Resources (ASX:TGS) has arranged a further $25 million advance payment facility from Gerald Metals SA, adding to the existing $50 million facility.

This is provided for working capital related to mining operations and the solvent-extraction and electro-winning plant at the Kipoi Copper Project.

It had in May started production of copper cathode from its 60%-owned Stage 2 solvent extraction electro-winning (SXEW) plant at Kipoi.

The plant is expected to produce 25,000 tonnes of copper cathode in its first full 12 months of operation.

This will ramp up to 50,000 tonnes per annum.

Under the new agreement with Gerald, the total advance amount of $75 million is repayable by Tiger in 18 equal monthly instalments from January 2015 to June 2016.

Gerald has an off-take agreement for 175,000 tonnes of copper cathode, with 100% of cathode production from the SXEW plant committed until that tonnage has been delivered.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 15 Jul 2014 02:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/60018/tiger-resources-draws-down-25m-advance-for-kipoi-copper-70406.html
<![CDATA[News - Tiger Resources raises funds for Kipoi Copper Project expansion ]]> https://www.proactiveinvestors.co.uk/companies/news/59108/tiger-resources-raises-funds-for-kipoi-copper-project-expansion-69451.html Tiger Resources (ASX:TGS) has raised approximately $20 million through a placement and has also sourced an additional US$25 million offtake prepayment facility for its Kipoi Copper Project expansion in the Democratic Republic of Congo.

This follows its decision to bring forward a number of capital expenditure items currently budgeted in Phase II and Phase III of the SXEW expansion program.

It had last month commenced copper cathode production from the project and is transitioning to produce 50,000 tonnes per annum of copper cathode.

Tiger has a 60% interest in the Kipoi Project.

Placement Details

The company had placed the shares priced at $0.34 each to professional, sophisticated and other exempt investors.

Shares in Tiger had closed at $0.37 on 11 June before the company had gone into a trading halt on 12 June.

The placement falls within the Company’s issuing capacity under ASX Listing Rule 7.1. and therefore does not require shareholder approval.

In addition to the placement, it has sourced an additional US$25million offtake prepayment facility. 

The company has signed a non-binding term sheet in relation to this facility, which it expects to be finalised over the coming weeks.

Kipoi Expansion

Proceeds from the placement will be used for the following purposes:

-    US$21 million to implement discretionary early works capital expenditure for Phase II and Phase III of the planned expansion program;
-    US$10 million as a loan to Société de Exploitation de Kipoi, 60% subsidiary of Tiger and the operator of Kipoi, to settle the DRC Government’s 5% interest in the Kipoi Project pursuant to the DRC Mining Code; and
-    For additional working capital flexibility.

The capital expenditure items include an upgrade to the power distribution network and site works for the installation of 30MVA electrical transformers, the early development of heap leach pads 2, 3 and 4, and the installation of a conveyor and stacker system which will replace the current 800 metres truck haulage requirement of ore to the heap leach operation.

These initiatives are expected to materially reduce unit operating costs in Phase I as well as facilitate the implementation of the Phase II and Phase III expansion.

The working capital allocation is to provide adequate reserves against any unforeseen delays or costs during the SXEW ramp-up.

Kipoi Copper Project

Cathode production commenced on the 25 May 2014 after the tiger completed construction and commissioning of its Stage 2 solvent extraction electro-winning (SXEW) plant at Kipoi ahead of schedule.

Tiger expects the SXEW plant to reach full production capacity within three months and to produce 25,000 tonnes of copper cathode in its first full 12 months of operation.

The Feasibility Study for Stage 2 has confirmed the operation as a low-cost, high-margin project capable of producing 538,000 tonnes of copper cathode over 11 years.

This is from processing ore reserves from the Kipoi Central, Kileba and Kipoi North deposits and reject floats, slimes and medium grade ore stockpiles from the Stage 1 HMS operation.

It also continues to produce copper concentrate from its Stage 1 heavy media separation (HMS) plant.

The plant is expected to produce 39,000 tonnes of copper in concentrate before ceasing operation early in 2015.

Analysis

Tiger Resources has made considerable progress with the Stage 2 solvent extraction electro-winning expansion at its Kipoi Copper Project having started copper cathode production earlier than originally expected.

The fund raising will allow the company to materially reduce unit operating costs in Phase I as well as facilitate the implementation of the Phase II and Phase III expansion.

We continue to maintain our estimate of future valuation which equates to a share price target of between A$0.58 to A$0.76 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 13 Jun 2014 02:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/59108/tiger-resources-raises-funds-for-kipoi-copper-project-expansion-69451.html
<![CDATA[News - Tiger Resources heads to market ]]> https://www.proactiveinvestors.co.uk/companies/news/59061/tiger-resources-heads-to-market-69403.html Tiger Resources (ASX:TGS) has been granted an ASX trading halt pending the release of an announcement regarding a material capital raising.

The halt will last until the earlier of the announcement being made or the commencement of trade on Monday, 16 June 2014.

Tiger had reached a major milestone last month with the start of copper cathode production at the 60%-owned Kipoi Copper Project in the Democratic Republic of Congo.

The company is the lowest-cost copper producer on the ASX, and is now transitioning to produce 50,000 tonnes per annum of copper cathode.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 12 Jun 2014 00:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/59061/tiger-resources-heads-to-market-69403.html
<![CDATA[News - Tiger Resources commences copper cathode production at Kipoi ]]> https://www.proactiveinvestors.co.uk/companies/news/58548/tiger-resources-commences-copper-cathode-production-at-kipoi-68844.html Tiger Resources (ASX: TGS) shares are set to open higher after achieving a major milestone by commencing copper cathode production at the 60%-owned Kipoi Copper Project in the Democratic Republic of Congo.

The company is the lowest-cost copper producer on the ASX, and is now transitioning to produce 50,000 tonnes per annum of copper cathode.


First cathode production

Cathode production commenced on the 25th May 2014, as the company completed construction and commissioning of its Stage 2 solvent extraction electro-winning (SXEW) plant at Kipoi - within record time.

Tiger expects the SXEW plant to reach full production capacity within three months and to produce 25,000 tonnes of copper cathode in its first full 12 months of operation.

Brad Marwood, managing director, commented: “Construction of our SXEW plant at Kipoi commenced in January 2013 so we are delighted that it is in production well ahead of our original start date and anticipate strong operating performance from the plant.

“The start of cathode production has been seven years in the planning, so to achieve an on-time and-within-budget result is an exceptional performance.

“Our performance in the DRC reflects the DRC government’s strong commitment to the resource sector.”


Production over 11 years

The Feasibility Study for Stage 2 has confirmed the operation as a low-cost, high-margin project capable of producing 538,000 tonnes of copper cathode over 11 years.

This is from processing ore reserves from the Kipoi Central, Kileba and Kipoi North deposits and reject floats, slimes and medium grade ore stockpiles from the Stage 1 HMS operation.


SXEW DFS Highlights

- Highlights for Kipoi Stage 2 SXEW include a NPV1 (after tax) $755 million.

(Based on a LME copper price of US$3.40/lb during 2014-2017 and US$3.00/lb from 2018 and at a discount rate of 8% (NPV and excludes sunk capital expenditure of $121m incurred on the SXEW development to 31 December 2013).

- Annual production of 50,000t LME; Site cash costs $0.72/lb (2014-2015) and $1.04/lb (LOM).

- After-tax Internal Rate of Return: 107% (base case)

- Payback for initial capital cost Stage 2 development; 16 months (after HMS cashflow of 6 months).


Stage 1 continues to produce

Tiger also continues to produce copper concentrate from its Stage 1 heavy media separation (HMS) plant at Kipoi.

The HMS plant is targeting to produce 39,000 tonnes of copper in concentrate before ceasing operation early in 2015.


Analysis

Holding the position of the lowest cost copper producer on the ASX highlights to robustness of the project, and the board which has achieved this.

Given the company’s successes to date, there is every reason to believe that its focus on adding additional mineral resources and ore reserves at deposits across the Kipoi project will bear fruit.

This could further improve the economics of the Kipoi Stage 2 SXEW operation.

We continue to maintain our estimate of future valuation which equates to a share price target of between A$0.58 to A$0.76 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 27 May 2014 00:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/58548/tiger-resources-commences-copper-cathode-production-at-kipoi-68844.html
<![CDATA[News - Tiger Resources edges closer to copper cathode production at Kipoi in 2Q, 2014 ]]> https://www.proactiveinvestors.co.uk/companies/news/57852/tiger-resources-edges-closer-to-copper-cathode-production-at-kipoi-in-2q-2014-68110.html Tiger Resources (ASX: TGS) remains on track to commence copper cathode production in the second quarter of 2014, at its Kipoi Copper Project in the Democratic Republic of Congo.

The Stage 2 solvent extraction electro-winning (SXEW) operation remains within budget is currently ahead of schedule at 92% completion. 

Construction of the SXEW plant is about 97% complete.

Agglomerated ore has been stacked onto heap leach cells while intermediate leach solution is being accumulated in the ponds in preparation for first cathode.

About 12,000 tonnes of copper cathode is expected to be produced in the 2014 calendar year. 

It is also expected to produce 25,000 tonnes of copper cathode in its first full 12 months of operation and 50,000 tonnes per annum in subsequent years.

The Stage 2 SXEW Ore Reserves currently stand at about 666,000 tonnes of copper.

The Stage 2 site cash operating costs forecast a life of mine (LOM) average of $1.04/lb and a LOM average C3 cost (all-in cost, including capital expenditure) of less than US$1.75/lb.

It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, and within the nearby 100%-owned Lupoto Project, will also be processed during the Stage 2 operations, providing additional returns and increasing the ore reserves available as feedstock to the Stage 2 Kipoi SXEW plant. 

Increased resources from these deposits will potentially increase the mine life and/or the annual plant throughput.

Stage 1 Operations

During the quarter, 765,567 tonnes of material were moved to deliver 424,597 tonnes of high-grade ore averaging 5.9% copper and 162,770 of medium and low grade ore averaging 1.4% copper to the ROM stockpile at a stripping ratio of 0.3:1.

Ore throughput was 213,013 tonnes during the quarter. The copper head grade of 5.97% was within expectations and recovery of 50.7% for total copper production of 6,518 tonnes.

Copper production was below budget for January and February as the operating team implemented modifications to the HMS plant to reduce wear from the processing of abrasive material that has elevated levels of silica. 

The HMS plant was not designed to process this material and it was originally intended to stockpile the elevated silica material as future feed to the SXEW plant. 

However, this material presents an opportunity to bring forward an additional 24,000 tonnes of copper in concentrate and the operations team will commence processing the material during May.

The modifications to the HMS plant will be tested during May and June and further optimisation works are expected to result in production levels similar to the oxide ore previously processed.

Concentrate Sales

A total of 30,968 tonnes of concentrate was sold during the quarter for revenue of $22.5 million at an average realised copper price of $6,621 per tonne. This generated an operating profit of $5.9 million.

Sales for the quarter were $22.5 million generating an operating profit of $5.9 million for a unit cost of $0.35 per pound of copper.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 01 May 2014 02:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/57852/tiger-resources-edges-closer-to-copper-cathode-production-at-kipoi-in-2q-2014-68110.html
<![CDATA[News - Tiger Resources strikes alliance with MCK Trucks for Kipoi Copper Project ]]> https://www.proactiveinvestors.co.uk/companies/news/157645/tiger-resources-strikes-alliance-with-mck-trucks-for-kipoi-copper-project-54317.html Tiger Resources (ASX: TGS) has gained MCK Trucks to its share register after MCK approached Tiger about becoming a shareholder.

MCK has been the mining contractor at Tiger’s Kipoi Copper Project in the Democratic Republic of Congo since copper concentrate production began in May, 2011.

Tiger issued 35.6 million shares to MCK at $0.36 per share (equating to around $12.8 million in stock), with proceeds to be settled through the provision of mining services for the Stage 2 solvent extraction electro-winning operation at Kipoi.

The plant is on schedule to commence production of copper cathode in the second quarter, expected to produce 25,000 tonnes in its first 12 months and 50,000 tonnes per annum in subsequent years.

Managing Director Brad Marwood added:

“Having MCK on our share register demonstrates the confidence and support we’ve got from the local community and strengthens our in-country relationships.

Our alliance with MCK will reduce the development cost for the next phase of works whilst maintaining a presence at site of a key contractor who has been an integral part our success story to date.”

That the mining contractor at Kipoi actively sought to be paid in Tiger shares rather than cash is a ringing endorsement of the project's economic robustness.


Resource and Reserve Upgrade

Earlier this month, Tiger increased Resources at Kipoi to 696,000 tonnes of copper.

Notably, this is after mine depletion due to production - Tiger produced 41,255 tonnes of copper concentrate from the Stage 1 heavy media separation plant in 2013.

It has also upgraded Kipoi Central Stage 1 Ore Reserve by 6% to 71,000 tonnes of copper, and Kipoi Stage 2 SXEW Ore Reserves by 40% to 625,000 tonnes of copper. These include existing stockpiles.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 14 Apr 2014 13:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157645/tiger-resources-strikes-alliance-with-mck-trucks-for-kipoi-copper-project-54317.html
<![CDATA[News - Tiger Resources upgrades Kipoi Copper Project Reserves by 37% ]]> https://www.proactiveinvestors.co.uk/companies/news/57085/tiger-resources-upgrades-kipoi-copper-project-reserves-by-37-67294.html Tiger Resources (ASX: TGS) has upgraded Kipoi Copper Project Ore Reserves by 191,000 tonnes to 696,000 tonnes of copper despite mine depletion, with drilling which is focused on extending mine life.
    
The increase in the Kipoi Central Stage 2 Ore Reserve estimate is the result of additional drilling undertaken in 2013 and inclusion of primary material in the mine plan following completion of successful metallurgical test work.

The increase in the Kileba Stage 2 Ore Reserve estimate is the result of a revision in the projected long term copper price to $3.00/lb.

Tiger had in January increased Ore Reserves for the key Kipoi Central Stage 2 open pit by 112% to 208,200 tonnes of copper.

“It is pleasing to see the Kipoi Copper Project Ore Reserves increase by 191,000 tonnes to 696,000 tonnes of copper after mine depletion,” managing director Brad Marwood said.

“We will continue our focus to add additional mineral resources and ore reserves at each of the deposits across Kipoi to further extend the current 11-year mine-life of our SXEW operations.”

The Stage 2 solvent extraction electro-winning (SXEW) operation is due to start producing copper cathode in the current quarter. About 12,000 tonnes of copper cathode is expected to be produced in the 2014 calendar year.

Resource and Reserve Upgrade

Tiger had increased Resources at the Kipoi Central deposit of its 60% owned Kipoi Copper Project in the Democratic Republic of Congo by 7.5% to 690,000 tonnes of copper.

This is based on a revised cut-off grade of 0.3% copper – from the previous 0.5% copper – and reflects mining depletion to 31 December 2013.

It has also upgraded Kipoi Central Stage 1 Ore Reserve by 6% to 71,000 tonnes of copper and Kipoi Stage 2 SXEW Ore Reserves by 40% to 625,000 tonnes of copper. These include existing stockpiles.

The increase in the Kipoi Central Mineral Resource estimate is the result of additional drilling undertaken in 2013 and the inclusion of a reduced cut-off grade of 0.3% (previously 0.5%) following an update to the economic parameters of the Kipoi Central Ore Reserve estimate announced on 15 January 2014.

Tiger had also declared a maiden Judeira Resource of 6.1 million tonnes at 1.2% copper for 71,000 tonnes of contained copper in November 2013.

Meanwhile, the increase in the Kipoi Central Stage 1 Ore Reserve estimate is the result of additional grade control drilling undertaken in 2013 and the inclusion of transitional material in the mine plan.

Stockpiles of HMS rejects and run-of-mine material below a 3.25% copper cut-off grade will be used for processing in the Stage 2 SXEW and are reported as Stage 2 SXEW ore reserves.

Kipoi Copper Project

The Kipoi Project covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.

JORC Resources have been reported for Kipoi Central, Kipoi North, Kileba and Judeira.

Tiger had produced 41,255 tonnes of copper concentrate from the Stage 1 heavy media separation plant in 2013, more than 4,000 tonnes higher than the 37,000 tonnes it had forecast.

Copper concentrate production for 2014 is forecast at 39,000 tonnes, up 85% from the original estimate of 21,000 tonnes, with an attractive average operating cash cost of US$0.30 per pound.

Heap leach commissioning at the SXEW processing plant was completed on 27 December 2013 and the expansion is on track to start copper cathode production in the second quarter of 2014.

This is expected to produce 25,000 tonnes of copper cathode in its first full 12 months of operation and 50,000 tonnes per annum in subsequent years.

It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, and within the nearby 100%-owned Lupoto Project, will also be processed during the Stage 2 operations, providing additional returns and increasing the ore reserves available as feedstock to the Stage 2 Kipoi SXEW plant. 

Increased resources from these deposits will potentially increase the mine life and/or the annual plant throughput.

Analysis

The increase in reserves augurs well to increase mine life for the Stage 2 SXEW copper cathode operations. 

It is impressive and a 7.5% increase in resources to 690,000 tonnes of copper takes into account mining depletion.

Given the company’s successes to date, there is every reason to believe that its focus on adding additional mineral resources and ore reserves at deposits across the Kipoi project will bear fruit.

This could further improve the economics of the Kipoi Stage 2 SXEW operation, which already has impressive project metrics in its favour with current estimated copper production of 532,000 tonnes, NPV of US$755 million, after-tax IRR of 107% and life of mine cash operating costs of US$1.04 per pound.  The copper price rise recently is also of interest.

Tiger recently flagged a plan to pay dividends when the board is confident that the level of dividend can be sustained for at least five years along with consideration for one-off payments should also attract yield conscious investors over time.

We continue to maintain our estimate of future valuation which equates to a share price target of between A$0.58 to A$0.76 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 03 Apr 2014 07:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/57085/tiger-resources-upgrades-kipoi-copper-project-reserves-by-37-67294.html
<![CDATA[News - Tiger Resources replies to ASX share price query ]]> https://www.proactiveinvestors.co.uk/companies/news/56296/tiger-resources-replies-to-asx-share-price-query-66455.html Tiger Resources (ASX: TGS) has responded to a price and volume query from the ASX, saying that it is not aware of any undisclosed information that could explain the recent surge in its share price.

The ASX had sent the query yesterday after its shares rose from a close of $0.40 on Tuesday, 4 March, to an intra-day high of $0.4475, on higher than usual volumes with 8.4 million shares traded.

Tiger had yesterday added BlackRock Group, the world’s largest asset manager, as a substantial shareholder with a 5.02% interest in the company.

This follows on its unveiling late last month a dividend policy designed to reward shareholders in the near term.

It has also produced more copper concentrate from its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo then previously forecast and expects its Stage 2 solvent extraction electro-winning operation to start production in the second quarter of this year.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 06 Mar 2014 23:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/56296/tiger-resources-replies-to-asx-share-price-query-66455.html
<![CDATA[News - Tiger Resources adds world’s largest asset manager BlackRock Group as substantial shareholder ]]> https://www.proactiveinvestors.co.uk/companies/news/56260/tiger-resources-adds-worlds-largest-asset-manager-blackrock-group-as-substantial-shareholder-66419.html Tiger Resources (ASX: TGS) has added the world’s largest asset manager BlackRock Group as a substantial shareholder with a 5.02% interest in the company.

BlackRock has over 70 offices in more than 30 countries and manages more than $4.32 trillion in assets as at 31 December 2013.

It had acquired its stake in Tiger in a number of transactions from 7 November 2013 to 3 March 2014 at prices ranging from $0.31 to $0.40 per share.

The addition of Blackrock to its substantial shareholders highlights the strong growth trajectory that Tiger has experienced over the past eight months. 

Shares in Tiger have gained 122% since 1 July 2013 to the current price of $0.40.

Tiger had late last month announced a dividend policy that sought to reward shareholders in the near-term by providing guidelines for paying out earnings from its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo.

Kipoi – already a producing copper project – will increasingly generate significant returns and cash flow with a 100% increase in NPV to US$755 million for the Stage 2 solvent extraction electro-winning (SXEW) operation. 

Tiger had produced 41,255 tonnes of copper concentrate from the Stage 1 heavy media separation plant in 2013, more than 4,000 tonnes higher than the 37,000 tonnes it had forecast.

Copper concentrate production for 2014 is forecast at 39,000 tonnes, up 85% from the original estimate of 21,000 tonnes, with an attractive average operating cash cost of US$0.30 per pound.

In addition the SXEW plant is expected to produce 25,000 tonnes of copper cathode in its first full 12 months of operation and 50,000 tonnes per annum in subsequent years.

Analysis

That BlackRock Group, the world’s largest asset manager, is now a substantial shareholder in Tiger Resources highlights the growing institutional interest in the company and its growing Kipoi Copper Project. This follows the strong support from retail investors generated in the past year.

Besides the Stage 2 SXEW remaining on track to start production in the second quarter of this year to add to the already forecast beating copper concentrate production, recent increases in Ore Reserve at the Kipoi Central Stage 2 open pit have further improved the economics of the Stage 2 SXEW operation.

Margins are also attractive with a LOM cash operating cost of US$1.04 compared to its expected copper price of US$3.40 a pound until 2018 and US$3 a pound thereafter. 

The estimated after tax IRR of 107% further demonstrate the underlying intrinsic value and quality of the Kipoi deposit.

Proactive Investors continues to estimage that Tiger’s current market cap. of circa $270 million significantly undervalues the company and the addition of BlackRock as a substantial shareholder indicates that we are not alone.  

Proactive's intrinsic valuation equates to a share price target range of between A$0.58 to A$0.76 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 05 Mar 2014 21:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/56260/tiger-resources-adds-worlds-largest-asset-manager-blackrock-group-as-substantial-shareholder-66419.html
<![CDATA[News - Tiger Resources aims for early dividends from Kipoi copper project ]]> https://www.proactiveinvestors.co.uk/companies/news/56001/tiger-resources-aims-for-early-dividends-from-kipoi-copper-project-66147.html Tiger Resources (ASX: TGS) is looking to reward shareholders in the near-term with the approval of a dividend policy that will provide guidelines for paying out earnings from its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo.

The project will increasingly generate significant returns and cash flow; Kipoi had a 100% increase in NPV to US$755 million for the Stage 2 solvent extraction electro-winning (SXEW) operation.

Tiger noted the policy aims to balance financial performance, debt repayments and capital commitments with prudent gearing and market conditions.

The company will pay dividends when the board is confident that the level of dividend can be sustained for at least five years. However, the board may give consideration to one-off payments following extraordinary results by the Group.

It aims to follow a policy favourable to shareholders and will distribute a dividend that is dependent on its cash reserves, investment requirements, rate of growth, general development and financing.

Managing Director Brad Marwood said Tiger’s primary focus is completing commissioning of the SXEW plant, which remains on schedule to commence production of copper cathode in the second quarter of 2014.

“Our Dividend Policy has been approved by the Board and we will review it when market conditions and performance of the Group allow. As we move to cathode production we can focus on our future and dividends to our shareholders is one of our near term aims,” he added.

Kipoi Copper Project

Tiger has in recent months highlighted some impressive figures from its Kipoi Project that showcase its attractiveness.

This includes the 100% increase to NPV to US$755 million stemming from a 112% increase in estimated Ore Reserve for the Kipoi Central Stage 2 open pit to 30.14 million tonnes at 1.31% copper; a 41% increase in expected copper cathode production to 532,000 tonnes; after-tax internal rate of return (IRR) of 107%, up 143%; and a 8.7% reduction in life of mine cash operating costs to US$1.04 per pound.

The SXEW plant is expected to produce 25,000 tonnes of copper cathode in its first full 12 months of operation and 50,000 tonnes per annum in subsequent years.

Kipoi covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.

Tiger had produced 41,255 tonnes of copper concentrate from the Stage 1 heavy media separation plant in 2013, more than 4,000 tonnes higher than the 37,000 tonnes it had forecast.

Copper concentrate production for 2014 is forecast at 39,000 tonnes, up 85% from the original estimate of 21,000 tonnes, with an attractive average operating cash cost of US$0.30 per pound.

Analysis

That Tiger Resources is targeting to reward shareholders as quickly as possible with its dividends policy is just improvement to the already attractive investment case for the company.

Its 60%-owned Kipoi Copper Project is already producing copper concentrate at forecast beating levels while the Stage 2 SXEW is on track to start production in the second quarter of this year.

To top it off, the recent increases in Ore Reserve at the Kipoi Central Stage 2 open pit have further improved the economics of the Stage 2 SXEW operation.

With a LOM cash operating cost of US$1.04 compared to its expected copper price of US$3.40 a pound until 2018 and US$3 a pound thereafter along with an after tax IRR of 107%, it further demonstrates the underlying intrinsic value and quality of the Kipoi deposit.

Proactive Investors continues to believe that Tiger’s current market cap. of circa $243 million significantly undervalues the company and the dividend policy will increasingly attract yield conscious investors over time.  This re-affirms our estimate of future valuation which equates to a share price target of between A$0.58 to A$0.76 per share. 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 25 Feb 2014 22:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/56001/tiger-resources-aims-for-early-dividends-from-kipoi-copper-project-66147.html
<![CDATA[News - Tiger Resources' Kipoi project economics continue to scintillate ]]> https://www.proactiveinvestors.co.uk/companies/news/54967/tiger-resources-kipoi-project-economics-continue-to-scintillate--65024.html Tiger Resources (ASX: TGS) is letting the numbers do the talking at its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo with a 100% increase in NPV to US$755 million for the Stage 2 solvent extraction electro-winning (SXEW) operation.

This follows the recent 112% increase in estimated Ore Reserve for the Kipoi Central Stage 2 open pit to 30.14 million tonnes at 1.31% copper.

Other highlights include:

-    A 41% increase in copper cathode production to 532,000 tonnes;
-    After-tax internal rate of return (IRR) of 107%, up 143%;
-    Life of mine cash operating costs of US$1.04 per pound, down 8.7%;
-    Cash operating costs unchanged at US$0.72 per pound during the first two years of production; and
-    Mine life extended two years to 11.

The reduction in LOM cash operating costs is attributable to a reduction in mining costs from the Kipoi Central Stage 2 open pit mine, following a 10% increase in the copper reserve grade and a 33% reduction in the stripping ratio.

The SXEW plant is on schedule to commence production of copper cathode in the second quarter of 2014. It is expected to produce 25,000 tonnes of copper cathode in its first full 12 months of operation and 50,000 tonnes per annum in subsequent years.

“The numbers speak for themselves – Kipoi is a world-class copper project,” managing director Brad Marwood said.

Kipoi Copper Project

The Kipoi Project covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.

Tiger had produced 41,255 tonnes of copper concentrate from the Stage 1 heavy media separation plant in 2013, more than 4,000 tonnes higher than the 37,000 tonnes it had forecast.

Production for 2014 is forecast at 39,000 tonnes, up 85% from the original estimate of 21,000 tonnes, with an attractive average operating cash cost of US$0.30 per pound.

Heap leach commissioning at the SXEW processing plant was completed on 27 December 2013 and the expansion is on track to start copper cathode production in the second quarter of 2014.

Analysis

Shares in Tiger should trade higher today after it increased the NPV of the Stage 2 SXEW expansion by 100% to US$755 million, which further enhances the economics of an already attractive project.

The investment case is further improved by the reduction in LOM cash operating cost by 8.7% to US$1.04, which given its headline parameters for a copper price of US$3.40 a pound until 2018 and US$3 a pound thereafter, makes for excellent margins.

Add in an after tax IRR of 107% and it begins to demonstrate the underlying intrinsic value and quality of the Kipoi deposit.

As Brad Marwood opined, the numbers do indeed speak for themselves.  This is one of few recent world class copper deposits.  Proactive Investors believe the enhanced economics could draw corporate interest from Chinese or other Asian minerals groups keen to secure copper production with low quartile operating costs, high margins and long project life.

With the new economics, Proactive Investors believes there is little standing in the way for the share price target of between A$0.58 to A$0.76 per share to be met.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 21 Jan 2014 03:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54967/tiger-resources-kipoi-project-economics-continue-to-scintillate--65024.html
<![CDATA[News - Tiger Resources increases Copper Reserve at Kipoi Central by 112% ]]> https://www.proactiveinvestors.co.uk/companies/news/54807/tiger-resources-increases-copper-reserve-at-kipoi-central-by-112-64855.html Tiger Resources (ASX: TGS) has increased Ore Reserves for the key Kipoi Central Stage 2 open pit in the Democratic Republic of Congo by 112% to 208,200 tonnes.

This follows on the back of yesterday’s production forecast of 39,000 tonnes of copper and a low cash cost of just $0.30 per pound from the Stage 1 heavy media separation plant at the Kipoi Copper Project.

The increase in the Kipoi Central reserve estimate to 30.14 million tonnes at 1.31% copper is the result of additional drilling undertaken in 2013 and the inclusion of primary material in the mine plan following completion of successful metallurgical test work.

This increased reserve will be mined and processed through the Stage 2 solvent extraction electrowinning (SXEW) plant which is currently under construction and due to commence production in the second quarter of 2014.

Production for the SXEW plant is expected to be 25,000t of copper cathode in the first full 12 months of production and 50,000t per annum thereafter.

The SXEW plant is expected to produce 12,000 tonnes of copper cathode in the 2014 calendar year.

Tiger will update the market on the benefits of this increase in ore reserves with the economic assessment considering the increased grade and reduced stripping ratio.

Kipoi Copper Project

The Kipoi Project covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.

Ore stockpiles and residues from the HMS plant will provide feed to the SXEW plant for the first two years of operations without the need for further mining. 

Site cash costs for the first two years of the SXEW operations are forecast to be $0.72 per pound.

Analysis

Tiger Resources continues to build up its investment case with higher Ore Reserves for the Kipoi Central deposit.

This adds to the high grades of copper (7% Cu), low cost per pound ($0.30 per pound at the HMS plant for 2014) and high margins.

With the current copper spot price of about $3.328 we believe that Tiger Resources will draw corporate interest, especially from Chinese or Asian and minerals groups that are actively seeking copper production with low quartile operating costs, high margins and long project life.

It also underscores just how much there is to look forward to for the company this year including the start-up of production from the Stage 2 SXEW plant.

On our valuation, Proactive Investors imputes a share price target for Tiger Resources at between A$0.58 to A$0.76 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 15 Jan 2014 05:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54807/tiger-resources-increases-copper-reserve-at-kipoi-central-by-112-64855.html
<![CDATA[News - Tiger Resources establishes Kipoi copper production at low cost ]]> https://www.proactiveinvestors.co.uk/companies/news/54767/tiger-resources-establishes-kipoi-copper-production-at-low-cost-64814.html Tiger Resources (ASX: TGS) has underlined how attractive the metrics of its Kipoi Copper Project in the Democratic Republic of Congo are, achieving production of 41,255 tonnes of copper-in concentrate in 2013, projecting a cash cost of just $0.30 per pound in 2014.

This is more than 4,000t higher than its original guidance of 37,000t that it had estimated from its Stage 1 heavy media separation plant.

Now the forecast for the Kipoi HMS plant for 2014 is for it to produce 39,000t of copper at a cash cost of $0.30 per pound of copper. 

This compares to the current copper spot price of about $3.328 and is a clear indicator of its status as among the lowest cost, highest grade producers in the world.

“For the plant to achieve our updated production guidance of more than 41,000 tonnes – exceeding our initial guidance by more than 4,000 tonnes – is extremely satisfying and is testament to the commitment of our staff on the ground as well as our management team,” managing director Brad Marwood said.

“The HMS has been operating well above nameplate capacity for most of 2013.”

Further production will come from the Stage 2 solvent-extraction electro-winning (SXEW) plant that is on schedule to start production of copper cathode in the second quarter of 2014.

The company plans to produce 25,000t of copper cathode in the first full 12 months of production at the SXEW plant, and 50,000t per year from then on.

Full production and operating costs from Kipoi will be detailed in its December Quarterly Activities Report to be released later this month.

Kipoi Copper Project

The Kipoi Project covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.

Kipoi Central, which contains a zone of high grade copper mineralisation within a much larger, lower grade global resource, is the principal deposit with 642,000t of copper.

An updated Reserve estimation at Kipoi Central is expected to be announced early this year. 

Overall Resources at Kipoi are 934,000t of copper.

Heap leach commissioning at the SXEW processing plant was completed on 27 December 2013 and the expansion is on track to start copper cathode production in the second quarter of 2014.

The heap leach will continue to build copper-in-solution for feed to the solvent-extraction circuit with more than 90% recoveries forecast in 120 days.

An updated Reserve estimation at Kipoi Central, the main deposit within Kipoi Project area, is expected to be announced early this year following the company’s announcement on 13 December 2013 that it had increased the Resource to 642,000 tonnes of copper.

Analysis

Tiger Resources has highlighted the strong margins it expects to receive from the Stage 1 heavy media separation plant at its Kipoi Copper Project with the forecast of 39,000t of copper in 2014 at a cash cost of $0.30 per pound of copper.

Ultimately, the investment case of commodity producers turns on its fundamentals.  With Kipoi's high grades of copper (7% Cu) and low cost per pound (HMS) and high margins, Tiger Resources has it in spades.

Stage 2 site cash operating costs are forecast at $0.72/lb for the first two years of the operation with no mining required, still highly conducive to high profit margins.

With the current copper spot price of about $3.328 we believe that Tiger Resources will draw corporate interest, especially from Chinese or Asian and minerals groups that are actively seeking copper production with low quartile operating costs, high margins and long project life.

It also underscores just how much there is to look forward to for the company this year.

Share price catalysts include:

-    The updated Reserve estimate for Kipoi Central
-    Start-up of production from the Stage 2 SXEW plant

On our valuation, Proactive Investors imputes a share price target for Tiger Resources at between A$0.58 to A$0.76 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 14 Jan 2014 00:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54767/tiger-resources-establishes-kipoi-copper-production-at-low-cost-64814.html
<![CDATA[News - Tiger Resources on track to start Kipoi copper cathode production in Q2 2014 ]]> https://www.proactiveinvestors.co.uk/companies/news/54583/tiger-resources-on-track-to-start-kipoi-copper-cathode-production-in-q2-2014--64625.html Tiger Resources (ASX: TGS) Stage 2 solvent-extraction and electro-winning (SXEW) processing plant at its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo continues to proceed ahead of schedule.

Heap leach commissioning was completed on 27 December 2013 with first copper cathode production on target for the second quarter of 2014.

The commissioning of the heap leach represents the start of the SXEW plant.

The heap leach will continue to build copper-in-solution for feed to the solvent-extraction circuit with more than 90% recoveries forecast in 120 days.

Tiger plans to produce 25,000 tonnes of copper cathode in the first full 12 months of production at the SXEW plant and increase production to 50,000 tonnes of copper in the following 12-month period.

It is currently producing copper in concentrate from a heavy media separation (HMS) plant at Kipoi with 2013 full-year production expected to be 41,000 to 43,000 tonnes.

An updated Reserve estimation at Kipoi Central, the main deposit within Kipoi Project area, is expected to be announced early this year following the company’s announcement on 13 December 2013 that it had increased the Resource to 642,000 tonnes of copper.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 07 Jan 2014 22:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54583/tiger-resources-on-track-to-start-kipoi-copper-cathode-production-in-q2-2014--64625.html
<![CDATA[News - Tiger Resources commences heap leaching at Kipoi, on target for copper cathode Q2 2014 ]]> https://www.proactiveinvestors.co.uk/companies/news/54411/tiger-resources-commences-heap-leaching-at-kipoi-on-target-for-copper-cathode-q2-2014-64445.html Tiger Resources (ASX: TGS) has commenced heap leach operations for its Stage 2 solvent-extraction and electro-winning (SXEW) processing plant at the company’s 60%-owned Kipoi Copper Project in the Democratic Republic of Congo.

Heap leach commissioning commenced with the irrigation of stacked ores with sulphuric acid on 19 December 2013, pregnant solution being established on 21 December 2013.

The heap leach represents the start of commissioning for the SXEW and with more than 90% recoveries forecast in 120 days, the heap leach will continue to build copper in solution for feed to the solvent extraction section of the plant.

Brad Marwood, managing director, commented: “This is a great result and shows our development team can deliver against targets.

"The early delivery of copper into solution is a very positive outcome and sets us up for an early completion of the project. Sequential commissioning of the processing modules reduces operational risks.”


Ahead of schedule

The SXEW project continues to proceed ahead of schedule, with first copper cathode production on target for the second quarter of 2014.

Tiger plans to produce 25,000 tonnes of copper cathode in the first full 12 months of production at the SXEW plant and increase production to 50,000 tonnes of copper in the following 12-month period.


Guidance on track

Operations at Tiger’s heavy media separation (HMS) plant are proceeding as planned and are on target to reach the company’s 2013 full-year guidance of 41-43,000 tonnes of copper in concentrate.

An updated Reserve estimation at Kipoi Central, the main deposit within Kipoi Project area, is expected to be announced early in the New Year following the company’s announcement on 13 December 2013 that it had increased the Resource to 642,000 tonnes of copper.

The increase at Kipoi Central lifted Tiger's global resource base to 1.1 million tonnes of copper.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 23 Dec 2013 22:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54411/tiger-resources-commences-heap-leaching-at-kipoi-on-target-for-copper-cathode-q2-2014-64445.html
<![CDATA[News - Tiger Resources' global copper resources swell to 1.1 million tonnes ]]> https://www.proactiveinvestors.co.uk/companies/news/54129/tiger-resources-global-copper-resources-swell-to-11-million-tonnes-64152.html Tiger Resources' (ASX: TGS) has delivered another increase in global copper resources, following a significant increase at Kipoi Central, which is the principal deposit at its 60% owned Kipoi Copper Project in the Democratic Republic of Congo.

Cube Consulting Pty Ltd completed the estimate following additional drilling data, and taking into effect mining depletion to 30 November 2013.

The Kipoi Central resource including stockpiles has increased by 12% to 642,000 tonnes of copper, while the total Kipoi Copper Project resources increased to 934,000 tonnes of copper.

This lifted global resources managed by Tiger to 1.1 million tonnes of copper.

Brad Marwood, managing director, commented: “It is pleasing to see this drilling at Kipoi Central has delivered these results, increasing the confidence in the deposit as we move forward to copper cathode production.”

Construction of the Stage 2 SXEW plant commenced in January 2013 and is on schedule for first production of copper cathode in the June quarter 2014.

Kipoi covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.


New drilling added to Kipoi Central resource

Recently completed drilling of 14 diamond drill holes for 2,121.5 metres has been incorporated into the new resource estimate at Kipoi Central.

Highlights included: 115.6 metres at 2.29% copper from 76.5 metres.


Production on track

Tiger anticipates reaching its production target for 2013 of 41,000-43,000 tonnes of copper in concentrate during December, 17-22% above nameplate capacity.

Importantly, Tiger has achieved 4 million man hours without a Lost Time Injury.


Kipoi Central geology

Mineralisation at the Kipoi Central deposit is hosted within Upper Roan sedimentary rocks. It occurs as stratiform, layer-parallel and structurally remobilised mineralisation in fault breccias and veins.

Sulphide copper mineralisation occurs predominantly in deformed siltstones and carbonaceous siltstones and shales but also extends into the adjacent dolomites and volcanic rocks.

The bulk of mineralisation occurs as broad zones of malachite (supergene copper carbonate mineral) which is best developed adjacent to fractured and brecciated siltstones.

Weathering of primary mineralisation has led to lateral dispersion and the formation of coherent zones of supergene mineralisation.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 13 Dec 2013 03:12:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54129/tiger-resources-global-copper-resources-swell-to-11-million-tonnes-64152.html
<![CDATA[News - Tiger Resources achieves 4 million hours without lost time injury at Kipoi copper project ]]> https://www.proactiveinvestors.co.uk/companies/news/157644/tiger-resources-achieves-4-million-hours-without-lost-time-injury-at-kipoi-copper-project-50950.html Tiger Resources (ASX: TGS) has achieved 4 million man hours without a Lost Time Injury (LTI) at the company’s Kipoi Copper Project in the Democratic Republic of Congo.

Brad Marwood, managing director, commented: “This performance is the result of education, vigilance and excellent management to promote and ensure strict adherence to our health and safety regulations.

“The entire organisation is committed to our “do no harm” policy. To this end, we have not had an environmental incident in addition to our 4 million man hours without an LTI. These principles work hand-in-hand with productivity and cost efficiency."

Tiger anticipates reaching its production target for 2013 of 41,000-43,000 tonnes of copper in concentrate during December, 17-22% above nameplate capacity.

Kipoi covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 06 Dec 2013 10:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/157644/tiger-resources-achieves-4-million-hours-without-lost-time-injury-at-kipoi-copper-project-50950.html
<![CDATA[News - Tiger Resources achieves 4 million hours without down time at Kipoi copper project ]]> https://www.proactiveinvestors.co.uk/companies/news/53920/tiger-resources-achieves-4-million-hours-without-down-time-at-kipoi-copper-project-63938.html Tiger Resources (ASX: TGS) has achieved 4 million man hours without a Lost Time Injury (LTI) at the company’s Kipoi Copper Project in the Democratic Republic of Congo.

Brad Marwood, managing director, commented: “This performance is the result of education, vigilance and excellent management to promote and ensure strict adherence to our health and safety regulations.

“The entire organisation is committed to our “do no harm” policy. To this end, we have not had an environmental incident in addition to our 4 million man hours without an LTI. These principles work hand-in-hand with productivity and cost efficiency."

Tiger anticipates reaching its production target for 2013 of 41,000-43,000 tonnes of copper in concentrate during December, 17-22% above nameplate capacity.

Kipoi covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 05 Dec 2013 22:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/53920/tiger-resources-achieves-4-million-hours-without-down-time-at-kipoi-copper-project-63938.html
<![CDATA[News - Tiger Resources draws down $50M facility from Gerald Metals, to advance SXEW copper plant ]]> https://www.proactiveinvestors.co.uk/companies/news/53830/tiger-resources-draws-down-50m-facility-from-gerald-metals-to-advance-sxew-copper-plant-63844.html Tiger Resources (ASX: TGS) is set to advance construction of the solvent-extraction and electro-winning (SXEW) plant at its Kipoi Copper Project in the Democratic Republic of Congo, following drawing down on a $50 million advance payment facility from Gerald Metals SA.

The $50 million advance payment is part of an agreement between Gerald and Tiger’s 60% subsidiary, Société d’Exploitation de Kipoi SPRL (SEK), the operator at Kipoi.

SEK and Gerald also have an off-take agreement for 100,000 tonnes of copper cathode from the SXEW plant, which is nearing the final stages of construction and is on schedule for first copper cathode production in the second quarter of 2014.

Tiger plans to produce 25,000 tonnes of copper cathode in the first full 12 months of production at the SXEW plant and increase production to 50,000 tonnes in the next 12-month period.

Brad Marwood, managing director for Tiger, commented: “We are pleased to have drawn down this funding arrangement with Gerald Metals SA, as it will assist in funding the final stages of construction of the SXEW plant.

“The agreement with Gerald was completed in an extremely challenging climate and shows the robustness of the Kipoi Project, the confidence in the DRC and the strength of our management team.

The Kipoi project covers 55 square kilometres and is located 75 kilometres north-north-west of the city of Lubumbashi in the Katanga Province.

The project contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.


Off-take agreement

The off-take agreement with Gerald is for 2,000 tonnes per month of cathodes to be delivered during the initial Phase 1 SXEW operations, increasing to 2,500 tonnes per month after the proposed expansion to 50,000 tonnes per annum capacity.

In addition to the SXEW plant, Tiger plans to produce 39,000 tonnes of copper in concentrate from the heavy media separation (HMS) plant at Kipoi in 2014 at an average operating cost of $0.30/lb of copper produced.


Stage 2 copper cathode

Construction of the Stage 2 SXEW plant commenced in January 2013 and is on schedule for first production of copper cathode in the second quarter of 2014.

The Feasibility Study for Stage 2 has confirmed the operation as a low-cost, high-margin project capable of producing 376,600 tonnes of copper cathode over nine years, processing ore reserves from the Kipoi Central, Kileba and Kipoi North deposits and reject floats, slimes and medium grade ore stockpiles from the Stage 1 HMS operation.

The Stage 2 site cash operating costs are forecast at $0.72/lb for the first two years of the operation (no mining required), increasing thereafter to produce a life of mine (LOM) average of $1.13/lb and with a LOM average C3 cost (all-in cost) of less than US$1.50/lb.

It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, as well as the Lupoto Project, will also be processed during the Stage 2 operations, providing additional returns and increasing the mineral resources available as feedstock to the Stage 2 SXEW plant.

Increased resources will potentially increase the nine-year mine life demonstrated in the feasibility study and/or annual plant throughput.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 03 Dec 2013 22:34:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/53830/tiger-resources-draws-down-50m-facility-from-gerald-metals-to-advance-sxew-copper-plant-63844.html
<![CDATA[News - Tiger Resources defines maiden 71,000t copper resource at Judeira ]]> https://www.proactiveinvestors.co.uk/companies/news/53592/tiger-resources-defines-maiden-71000t-copper-resource-at-judeira-63566.html Tiger Resources (ASX: TGS) has defined a maiden Inferred Resource of 71,000 tonnes of copper at the Judeira Deposit within its Kipoi Copper Project in the Democratic Republic of Congo.

It has also identified the potential for Judeira material to be processed at the Kipoi Stage 2 solvent-extraction and electro-winning (SXEW) plant about 6 kilometres away.

Tiger plans to produce 25,000 tonnes of copper cathode in the first full 12 months of production at the SXEW plant and increase production to 50,000 tonnes in the next 12-month period.

“The maiden resource estimate for Judeira is an important step in increasing the resources available to process at our SXEW plant at Kipoi, with Judeira located only 6km from the Kipoi SXEW plant,” managing director Brad Marwood said.

“We have always been confident of adding to our primary resource at Kipoi Central, and the addition of a maiden Inferred Mineral Resource at Judeira adds to those we have already delineated at Kipoi North and Kileba, and at the Sase Central Deposit at our 100%-owned Lupoto Project.”

Notably, the resource estimate of 6.1 million tonnes grading 1.2% copper addresses just 1,600 metres of the 2,200 metre Judeira Deposit, which has strong surface mineralisation.

“We believe there is further scope to add to this resource and will undertake further drilling at Judeira to increase confidence and move resources into the Indicated category.”

Judeira Deposit

The maiden Resource estimate by Cube Consulting is based on 13 diamond drill holes totalling 2,045.2 metres and 60 reverse circulation holes totalling 5,886 metres.

In addition, 70 air core holes totalling 2,932 metres and 24 trenches were completed as a guide to the interpretation of the trend for copper mineralisation.

The reverse circulation drilling was sampled at 1m intervals with sub-sampling using a riffle splitter prior to despatch for analysis. The diamond drill was logged and sampled to geological contacts with the core cut length-wise into half core prior to despatch for analysis.

Samples from both kinds of drilling were analysed for copper and cobalt.

Kipoi Copper Project

The Kipoi Project covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.

JORC Resources totalling 995,600 tonnes of copper have been reported at the Kipoi Central, Kipoi North and Kileba deposits.

Kipoi Central, which contains a zone of high grade copper mineralisation within a much larger, lower grade global resource, is the principal deposit with 575,000 tonnes of copper.

Tiger had in October secured a $50 million advance payment against production of 100,000 tonnes of copper cathodes from Gerald Metals Group.

In addition to the SXEW plant, the company plans to produce 132,000 tonnes of copper concentrate from the heavy media separation (HMS) plant at Kipoi over 42 months. Production in 2014 is expected to be up to 43,000 tonnes at an average operating cost of $0.48/lb of copper produced.

Stage 2 copper cathode

Construction of the Stage 2 SXEW plant commenced in January 2013 and is on schedule for first production of copper cathode in the second quarter of 2014.

The Feasibility Study for Stage 2 has confirmed the operation as a low-cost, high-margin project capable of producing 376,600 tonnes of copper cathode over nine years, processing ore reserves from the Kipoi Central, Kileba and Kipoi North deposits and reject floats, slimes and medium grade ore stockpiles from the Stage 1 HMS operation.

The Stage 2 site cash operating costs are forecast at $0.72/lb for the first two years of the operation (no mining required), increasing thereafter to produce a life of mine (LOM) average of $1.13/lb and with a LOM average C3 cost (all-in cost) of less than US$1.50/lb

It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, as well as the Lupoto Project, will also be processed during the Stage 2 operations, providing additional returns and increasing the mineral resources available as feedstock to the Stage 2 SXEW plant.

Increased resources will potentially increase the nine-year mine life demonstrated in the feasibility study and/or annual plant throughput.

Analysis

Growth is the name of the game at Tiger Resources and the additional resources at Judeira will be off near-term benefit to the company if it can be processed at Kipoi.

The Judeira resource underlines the prospectivity and sheer scale building at the Kipoi project.

The company’s SXEW plant to produce copper cathode is already 74% completed with a offtake agreement in place.

That there is potential to increase the resource at the Judeira Deposit beyond 6.1 million tonnes grading 1.2%, or 71,000 tonnes of contained copper, further underscores the company’s growth potential.

Kipoi’s expected production of 50,000 tonnes of copper cathode per annum places it within the same peer group as the Pinto Valley Copper Mine in Arizona, Eagle Mine in Michigan and Northparkes Copper and Gold Mine in New South Wales.

Where it stands out is the fact that it has among the lowest cash costs within this peer group, a key reason we believe will draw corporate interest, especially from Chinese or Asian and minerals groups that are actively seeking copper production with low quartile operating costs, high margins and long project life.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 26 Nov 2013 05:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/53592/tiger-resources-defines-maiden-71000t-copper-resource-at-judeira-63566.html
<![CDATA[News - Tiger Resources to produce copper cathodes in Q2-2014 at Kipoi ]]> https://www.proactiveinvestors.co.uk/companies/news/53422/tiger-resources-to-produce-copper-cathodes-in-q2-2014-at-kipoi-63393.html Tiger Resources (ASX: TGS) remains on track to produce in the second quarter of 2014 copper cathode from its Kipoi copper project in the Democratic Republic of Congo.

The progress comes as the company raised $42.5 million earlier this month to augment existing working capital and for contingent funding.

Construction of the Stage 2 solvent-extraction and electro-winning (SXEW) plant is on schedule and within budget while overall project progress as of the end of October was 74%.

Practical completion and commissioning of the SXEW expected to occur in April 2014, with full handover to Société d’ Exploitation de Kipoi SPRL (SEK), Tiger’s subsidiary which operates the Kipoi plant, in May 2014.

“It was a standout performance that progress on the construction was continuing ahead of schedule and in a safe environment,” managing director Brad Marwood said.

“Construction on the Stage 2 SXEW plant commenced in January and to have the project 74% by the end of October shows how effectively our team and contractors are working.

“The project has remained on budget and there have been zero lost time injuries, which are signs of a project that has been well planned, well managed and well executed.”

Tiger plans to produce 25,000 tonnes of copper cathode in the first full 12 months of production at the SXEW plant and increase production to 50,000 tonnes in the next 12-month period.

In addition to the SXEW plant, the company plans to produce 39,000 tonnes of copper concentrate from the heavy media separation (HMS) plant at Kipoi in 2014 at an average operating cost of $0.30/lb of copper produced.

Project Progress

Key elements of the construction progress of the SXEW plant include:

-    Bulk earthworks – 83% complete;
-    Agglomeration and heap leach pad conveyors – 79% complete;
-    Solvent extraction construction – 56% complete;
-    Electro-winning construction – 44% complete; and
-    5MVa substation and overhead line (OHL) – 100% complete, Stage 1 HMS plant commenced using grid power from the 5MVa substation in November

The 400 man accommodation facility was commissioned in September and as rooms is completed between now and Christmas more staff will relocate into the new facility. The new village will provide superior accommodation for the operational staff that will all be moved to the village before Christmas.

In addition, the Stage 1 heavy media separation (HMS) plant continues to perform within expectations. The wet season commenced in late October, with more than four months of ore stockpiled to ensure continuity of production throughout the wet season.

Extensive scheduled maintenance was undertaken on the HMS plant during October with the primary crusher liners replaced with heavy duty tungsten carbide teeth liners that will provide continuous service for six months. Modifications were completed to the dense media circuit (DMS) to reduce consumption of ferro-silicon by up to 30%, the highest cost reagent utilised in the HMS plant.

The HMS plant has also commenced operating on grid power supplied from the 5MVa substation, reducing reliance on the higher cost diesel generated power.

Kipoi Copper Project

The Kipoi Project covers an area of 55 square kilometres and is located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga Province of the DRC.

It contains a 12 kilometre sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.

JORC Resources totalling 995,600 tonnes of copper have been reported at the Kipoi Central, Kipoi North and Kileba deposits.

Kipoi Central, which contains a zone of high grade copper mineralisation within a much larger, lower grade global resource, is the principal deposit with 575,000 tonnes of copper.

Tiger had in October secured a $50 million advance payment against production of 100,000 tonnes of copper cathodes from Gerald Metals Group.

Analysis

Tiger Resources continues to build on recent positive newsflow with the project remaining on track to start copper cathode production.

With offtake for copper cathode in place, funds for any contingent payments, the company is well positioned to grow.

Proactive Investors continues to value Tiger at between A$0.58 to A$0.76 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 20 Nov 2013 01:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/53422/tiger-resources-to-produce-copper-cathodes-in-q2-2014-at-kipoi-63393.html
<![CDATA[News - Tiger Resources substantial shareholder National Australia Bank ups stake to 9.077% ]]> https://www.proactiveinvestors.co.uk/companies/news/53251/tiger-resources-substantial-shareholder-national-australia-bank-ups-stake-to-9077-63215.html Tiger Resources’ (ASX: TGS) substantial shareholder National Australia Bank (ASX: NAB) has increased its stake in the company to 9.077% from 6.776%.

NAB and its associated entities had from 20 February 2013 to 8 November 2013 acquired 15618235 shares in the company at prices ranging from $0.21 to $0.37 per share.

This increased its total shareholding to 61,251,323 shares.

Tiger has raised $42.5 million to achieve elevated copper production guidance at its 60% owned Kipoi copper project in the Democratic Republic of Congo.

It expects the Stage 1 heavy media separation plant is now expected to produce 39,000 tonnes of copper in concentrate in 2014, up 85% from 21,000 tonnes.

The company is also raising up to $8 million through a share purchase plan.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 14 Nov 2013 04:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/53251/tiger-resources-substantial-shareholder-national-australia-bank-ups-stake-to-9077-63215.html
<![CDATA[News - Tiger Resources raises $42.5m for Kipoi copper project ]]> https://www.proactiveinvestors.co.uk/companies/news/52874/tiger-resources-raises-425m-for-kipoi-copper-project-62787.html Tiger Resources (ASX: TGS) will raise $42.5 million from a share placement, which is a significant achievement in these still difficult capital markets.

The placement and highlights confidence in the company's 60%-owned Kipoi copper project in the Democratic Republic of Congo to achieve elevated copper production guidance at the Kipoi project by 85% in 2014.

The Stage 1 heavy media separation plant is now forecast to produce 39,000 tonnes of copper in concentrate in 2014, up from 21,000 tonnes.

Tiger's guidance for the HMS plant’s average operating cost for 2014 of $0.30/lb of copper produced is maintained.

Tiger has already placed 100 million shares at an issue price of A$0.34 per share to raise A$34 million to institutional, sophisticated and professional investors.

The company has also entered into an agreement to raise a further A$8.5 million from a second placement tranche of 25 million shares, at the same issue price to a key. institutional long-only investment fund - bring the total to $42.5 million.

The second tranche will be subject to shareholder approval.


Share Purchase Plan

Tiger will also launch a share purchase plan allowing existing shareholders to  participate in the capital raising at the same price of A$0.34 per share, which could raise up to another A$8 million.


Use of funds

The new funding will provide Tiger with additional flexibility in relation to bank overdraft facilities, and will be used to augment existing working capital.

The funds will also provide contingent funding for any additional reserve payments required to be made to Gecamines (Tiger’s joint-venture partner in the Kipoi copper project) and for payments due to the vendors of Tiger’s Kipoi project interest.


Analysis

The recent news flow for Tiger has been strong, with the placement following on from a production upgrade earlier in the week, and the $50 million advance payment against production from Gerald Metals Group a fortnight ago.

Tiger also delivered record production of 12,123 tonnes of copper in concentrate from its heavy media separation plant for the September quarter, which is 35% above the plant’s nameplate capacity and 9% higher than the previous quarterly production record.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 01 Nov 2013 02:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/52874/tiger-resources-raises-425m-for-kipoi-copper-project-62787.html
<![CDATA[News - Tiger Resources heads to market ]]> https://www.proactiveinvestors.co.uk/companies/news/52778/tiger-resources-heads-to-market-62685.html Tiger Resources (ASX: TGS) is in pre-open this morning following the ASX granting the company a trading halt, pending a material capital raising announcement.

Earlier in the month Tiger lifted copper production guidance at the 60%-owned Kipoi project by 85% in 2014, which is located in the Democratic Republic of Congo.

The Stage 1 heavy media separation plant is now expected to produce 39,000 tonnes of copper in concentrate in 2014, up from 21,000 tonnes.

The company will remain in the halt until the opening of trade on Friday 1st November, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 30 Oct 2013 00:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/52778/tiger-resources-heads-to-market-62685.html
<![CDATA[News - Tiger Resources ups Kipoi copper production guidance for 2014 by 85% ]]> https://www.proactiveinvestors.co.uk/companies/news/52690/tiger-resources-ups-kipoi-copper-production-guidance-for-2014-by-85-62583.html Tiger Resources (ASX: TGS) shares are set to open firmer after the company lifted copper production guidance at the Kipoi project by 85% in 2014, which is located in the Democratic Republic of Congo.

The Stage 1 heavy media separation plant is now expected to produce 39,000 tonnes of copper in concentrate in 2014, up from 21,000 tonnes.

The production upgrade follows completion of the life of mine grade control drilling at Kipoi Central.

Tiger's guidance for the HMS plant’s average operating cost for 2014 of $0.30/lb of copper produced is maintained.

In addition to the HMS plant copper production, the Stage 2 solvent-extraction electro-winning (SXEW) plant is due to start copper cathode production in Q2-2014.

The company plans to produce 25,000 tonnes of copper cathode in the first full 12 months of production at the SXEW plant.


Tiger Resources lands US$50m facility for Kipoi

The production upgrade adds to the positive news Tiger has announced during October, and earlier in the month the company secured a $50 million advance payment against production of copper cathodes from Kipoi with Gerald Metals Group.

Gerald Metals Group is one of the world’s leading commodity trading companies with a turnover in excess of US$10 billion per annum over the last 5 years.

The funds will significantly assist financing of Stage 2 SXEW Plant at Kipoi.

Highlighting the quality of Kipoi, Tiger fielded interest from 8 leading copper trading houses for funding.


SXEW plant

Completion of SXEW plant in mid-2014 will lead to Stage Two annualised production of 50,000 tonnes of copper cathode for a Life of Mine of at least 9 years.

The SXEW plant is expected to produce LME grade copper at cash cost of US$0.72/lb for 2014 to 2015, and reduce Life of Mine cash costs to US$1.13/lb.

Low cash operating costs for the SXEW plant will be maintained by treating feedstock from mined material.


Analysis

The production upgrade will provide further momentum to the re-rating in Tiger's share price. The average operating cost guidance of copper produced is maintained at a very low $0.30 a pound provides a platform for earnings growth.

Recently, with the Tiger share price at $0.305 Proactive Investors valued Tiger at between A$0.58 to A$0.76 per share.

We maintain this price target.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 28 Oct 2013 00:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/52690/tiger-resources-ups-kipoi-copper-production-guidance-for-2014-by-85-62583.html
<![CDATA[News - Tiger Resources lands US$50m facility for Kipoi from Gerald Metals ]]> https://www.proactiveinvestors.co.uk/companies/news/52390/tiger-resources-lands-us50m-facility-for-kipoi-from-gerald-metals--62232.html Tiger Resources (ASX: TGS) is expected to open high today after securing a $50 million advance payment against production of copper cathodes from its Kipoi copper project (60%) with Gerald Metals Group - one of the world’s leading commodity trading companies.

This will significantly assist financing of Stage 2 SXEW Plant at Kipoi, which is located in the Democratic Republic of Congo.

Reflecting the quality of Kipoi, Tiger fielded interest from 8 leading copper trading houses for funding.

Gerald Metals Group is one of the world’s leading commodity trading companies with a turnover in excess of US$10 billion per annum over the last 5 years.

Brad Marwood, managing director for Tiger, commented: “We are very pleased to have arranged the US$50 million advance payment against 100,000 tonnes of Kipoi copper cathodes.

"Strong offers were received from eight leading international copper trading houses who participated in our tender process.

"This reflects positively on their assessment of Kipoi and its capacity to deliver copper cathodes in the DRC.”

The agreement is executed between Gerald and Société d’Exploitation de Kipoi SPRL, the operator of Kipoi, in which Tiger has a 60% interest.


Details of the off-take

The off-take is for a fixed quantity of 100,000 tonnes of copper cathode from the Stage 2 solvent-extraction and electro-winning (SXEW) plant, which is currently under construction at Kipoi and is on schedule for commissioning in the second quarter of 2014.

The off-take is on transparent and competitive terms, with a volume of 2,000 tonnes per month of cathodes to be delivered during the initial Phase 1 SXEW operations, increasing to 2,500 tonnes per month after the proposed expansion of the plant to 50,000 tonne per annum capacity.

Terms include an interest rate of 12 months LIBOR plus 3.5% and repayment in 12 equal monthly instalments, with the first payment due in July 2014.


SXEW plant

Completion of SXEW plant in mid-2014 will lead to Stage Two annualised production of 50,000 tonnes of copper cathode for a Life of Mine of at least 9 years.

The SXEW plant is expected to produce LME grade copper at cash cost of US$0.72/lb for 2014 to 2015, and reduce Life of Mine cash costs to US$1.13/lb.

Low cash operating costs for the SXEW plant will be maintained by treating feedstock from mined material.


Analysis

Tiger's shares should continue their recent positive re-rating following the 100,000 tonne copper cathode off-take for Kipoi, which also includes a $50 million advance payment facility to help fund Stage 2 SXEW Plant.

Recently, with the Tiger share price at $0.305 Proactive Investors valued Tiger at between A$0.58 to A$0.76 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 17 Oct 2013 05:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/52390/tiger-resources-lands-us50m-facility-for-kipoi-from-gerald-metals--62232.html
<![CDATA[News - Tiger Resources rings in record production at Kipoi Copper project ]]> https://www.proactiveinvestors.co.uk/companies/news/52308/tiger-resources-rings-in-record-production-at-kipoi-copper-project-62137.html Tiger Resources (ASX: TGS) has delivered a new quarterly production record at its 60%-owned Kipoi copper project in the Democratic Republic of Congo.

Tiger produced 12,123 tonnes of copper in concentrate from its heavy media separation plant for the September quarter, which is an impressive 35% above the plant’s nameplate capacity and 9% higher than the previous quarterly production record.

The breakdown for the quarter has Tiger producing 4,020 tonnes in July, 3,998 tonnes in August, and 4,105 tonnes in September.

The 2013 calendar year production to date totals 32,727 tonnes of copper in concentrate.

Brad Marwood, managing director, commented: “Our Kipoi plant continues to impress us with its ability to operate consistently above its nameplate capacity.

“It is pleasing that we have been able to achieve two consecutive quarters of record production.”

The Kipoi Mining Licence covers an area of 55 square kilometres and contains a 12 kilometre-long extensively copper-cobalt mineralised segment Upper Roan sediments. The project hosts five known copper deposits known as Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.


Stockpiles

By the end of September 2013 copper stockpiles at Kipoi increased to 4.7 million tonnes at 2.5% for 115,300 tonnes contained copper.

The stockpiles will be used for feed for the Stage 2 solvent-extraction electro-winning plant in 2014 and 2015.


Fourth largest ASX listed copper producer

Tiger is the fourth largest ASX listed copper producer by volume and forecasts 41,000-43,000 tonnes of copper production in 2013.

The company said that full production and operating costs will be detailed in the company’s September quarterly activities report to be released later this month.


Analysis

The latest boost in production further enhances Tigers corporate appeal, as Chinese groups and banks are actively seeking copper producers with low quartile costs.

Proactive Investors values Tiger at between A$0.58 to A$0.76 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 15 Oct 2013 05:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/52308/tiger-resources-rings-in-record-production-at-kipoi-copper-project-62137.html