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Creating a Leading African Copper & Cobalt Company

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Creating a Leading African Copper & Cobalt Company Creating a Leading African Copper & Cobalt Company Annual Report 2007 Company Overview Katanga Mining Limited is creating an industry leader in copper and cobalt. Its joint venture operations in the Democratic Republic of Congo are in production, and the company has the potential to become Africa’s largest copper producer and the world’s largest cobalt producer by 2011. In January 2008, Katanga merged with Nikanor PLC, which has an adjacent copper-cobalt complex, to create a company with a US$3.8 billion market capitalization. A four-year phased ramp-up will see the company targeting production of over 300,000 tonnes of refined copper and over 30,000 tonnes of refined cobalt a year by 2011 from a major single-site operation. 01 Company Overview 21 MD&A 01 2007 Highlights 21 Management’s Discussion and Analysis 02 President’s Letter 06 Board of Directors 34 Financial Statements 34 Management’s Responsibility for 08 Progress Review Financial Reporting 08 Project Review 35 Auditors’ Report 12 Operations Review 36 Consolidated Financial Statements 16 Social Responsibility Review 39 Notes to Consolidated Financial Statements 19 Financial Review 57 Shareholder Information Katanga at a Glance 0 1 2 345km Luilu Metallurgical Plant/ planned SX/EW Refinery Kananga KOV Open Pit Mine Kamoto Concentrator Kamoto Underground Mine Musonoie-T17 Democratic Kolwezi Concentrator Republic of Mashamba East Congo Tilwezembe 20km Katanga Province Key assets Other mines and plants Kolwezi Katanga’s key assets include the Kamoto Underground Mine and KOV Open Pit Mine, providing both sulphide and oxide ores. The Kamoto Concentrator and Luilu Metallurgical Plant, together with a planned SX/EW Refinery, enable the production of refined copper and cobalt on-site. Kamoto Underground Mine KOV Open Pit Mine Kamoto Concentrator The Kamoto Underground Mine, Katanga’s The KOV Open Pit Mine is considered to be The Kamoto Concentrator consists of four primary sulphide ore source, has twin six and a the world’s highest grade significant copper milling and flotation sections constructed half by six meter ramp declines, a service shaft resource. During its lifetime 38 million tonnes between 1969 and 1982, with a design capacity and an 11,000 tonnes per day production shaft. of ore have been mined at an average grade of of 7.5 million tonnes of ore per year. 5.8 per cent copper and 0.5 per cent cobalt. 11,000 5.8% 7.5m Tonnes per day Copper Tonnes per year Our Strengths Large-scale, low-cost and long-life producer Proven management team and track record Katanga’s mine complex is currently in production, with a Katanga’s Board and management team are comprised of phased ramp-up targeting over 300,000 tonnes of refined industry veterans with a track record of successful project copper and over 30,000 tonnes of refined cobalt a year by execution, proven local operating expertise and a history 2011, giving the company the potential to be Africa’s of running large-scale operations. The team brought the largest copper producer and the world’s largest cobalt Kamoto site into production at the end of 2007 on schedule producer. Substantial high-grade resources indicate a and on budget, and is continuing its phased approach for the potential mine life of 40+ years, with one of the world’s development of the enlarged mine complex. lowest production costs. Globally significant integrated single-site operation Genuine commitment to sustainable development Katanga’s integrated mine complex is considered to be the A company of Katanga’s scale has the opportunity to make largest single-site project in the world producing both copper a significant impact in the Democratic Republic of Congo. and cobalt. It contains both underground and open pit mines, Along with financial benefits in the form of royalties and providing both sulphide and oxide ores. A concentrator and taxes, a coordinated community investment program will metallurgical plant enable the production of refined copper produce positive change for communities surrounding the and cobalt metal on-site. The complex is a mix of existing operations. Katanga’s aim is to help ensure that the social and assets being progressively refurbished and a new economic benefits stemming from its project will last well state-of-the-art refinery which is under construction. beyond the life of the mine. Luilu Metallurgical Plant Planned SX/EW Refinery Other mines and plants The Luilu Metallurgical Plant has roasters, The planned greenfield SX/EW Refinery more In addition to its key assets, Katanga also has leaching circuits and electro-winning cells for than doubles Katanga’s capacity, with increased the Kolwezi Concentrator, the previously- copper and cobalt production. It has a potential recoveries and higher grade metal production. mined Mashamba East open pit, and the capacity of 175,000 tonnes of copper and 8,000 Its design has two modules, each producing cobalt-rich Musonoie-T17, Kananga and tonnes of cobalt a year. 80,000 tpy copper and 10,000 tpy cobalt. Tilwezembe deposits, with grades up to 0.87 per cent cobalt. 175,000 80,000 0.87% Tonnes per year Tonnes per year Cobalt Annual Report 2007 Katanga Mining Limited 01 COMPANY OVERVIEW PROGRESS REVIEW MD & A FINANCIAL STATEMENTS 2007 Highlights » Successful transition to production: underground mining began in March, open-pit operations started in May, concentrate was produced in July and first copper cathodes were produced in December. » Phase I rehabilitation of the original Kamoto facilities materially completed, on schedule and on budget. » Merger with Nikanor PLC, which has an adjacent copper-cobalt concession in the Democratic Republic of Congo, announced in November and completed in January 2008. » Final stage of financing for the original project completed: US$150 million two-year loan facility with Glencore, including a 10 year off-take contract beginning in 2009. » Strong foundations built for a community investment program, including creation of a sustainable cooperative farm and improvements carried out to a local hospital. » Upgraded reserve and resource estimate announced. Post-merger, Measured & Indicated resources total 239 million tonnes at 4.45 per cent copper and 0.44 per cent cobalt. » Market capitalization more than doubled during the year, reflecting these achievements and strong commodity prices. KAT Performance Relative to TSX Diversified Metals & Mining Index % 300 250 200 150 100 50 0 Jan 07 Feb 07 Feb Sep 07 July 07 Oct 07 Apr 07 Dec 07 Aug 07 Aug Nov 07 Nov Mar 07 June 07 May 07 -50 Katanga Relative TSX Diversified Metals & Mining Index Relative 02 Katanga Mining Limited Annual Report 2007 President’s Letter “Katanga’s market capitalization more than doubled during 2007, reflecting onsite accomplishments and strong commodity prices.” Copper production from our Katanga’s market capitalization more Merger with Nikanor than doubled during 2007, reflecting On November 6, 2007, we joint venture’s Luilu refinery onsite accomplishments and strong announced an offer to acquire began in December after 18 commodity prices. The transition Nikanor PLC. The transaction, months of challenging work. from developer to producer during which closed January 11, consolidates the year encompassed several mining operations in the Kolwezi This accomplishment met milestones. Production began at the district and will yield important our primary goal for 2007. Kamoto Underground Mine in synergies. These include reduced Furthermore, it was achieved March. Open-pit operations started capital and operating costs as we in May, although production was remove duplication and collectively within our US$175 million limited until September when the enhance metallurgical recoveries. The budget, another key objective. heavy equipment required could be greater scale of our operations will transported across the Lualaba River. also improve our capability to address In July, concentrate production from external matters such as government the Kamoto Concentrator began, relations and infrastructure. while cold commissioning of the Luilu Metallurgical Plant started in Financing completed November, and first copper cathode Securing the third and final stage was produced mid-December. of financing for the Kamoto project was a key objective in 2007, but Achieving production as scheduled uncertainty created by a government- within the Phase I budget of US$175 mandated review of joint ventures million was an important team with State companies, as well as a accomplishment considering the hostile takeover attempt, meant we condition of the site when the joint were unable to close a syndicated venture started managing it on credit facility. However, by year-end July 3, 2006. The stage is now set we successfully secured a US$150 for Phase II, which began in early million convertible loan from 2008 as planned. Glencore. The facility includes copper and cobalt off-take rights beginning in 2009 that will provide superior marketing strength for our business. Annual Report 2007 Katanga Mining Limited 03 COMPANY OVERVIEW PROGRESS REVIEW MD & A FINANCIAL STATEMENTS Employees by a cascade mill in the Lifting starter sheets in the Luilu Underground operations Kamoto Concentrator Metallurgical Plant Healthy resources Operational progress needs; for example, we received An upgraded reserve and resource By year-end, refurbished facilities authorization to clear customs and estimate was announced early in the were operating satisfactorily, immigration in Kolwezi, thereby year. Proven and probable ore grades although below capacity as mining avoiding
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