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BRIEF-Katanga Mining Temporarily Suspends Cobalt Sales

Published 2018-11-06, 09:28 a/m
© Reuters.  BRIEF-Katanga Mining Temporarily Suspends Cobalt Sales
KAT
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Nov 6 (Reuters) - Katanga Mining Ltd KAT.TO :

* KATANGA MINING TEMPORARILY SUSPENDS COBALT SALES

* KATANGA MINING LTD - WILL TEMPORARILY SUSPEND EXPORT AND SALE OF COBALT AT ITS KAMOTO PROJECT IN DEMOCRATIC REPUBLIC OF CONGO UNTIL FURTHER NOTICE

* KATANGA MINING LTD - TO DATE, TOTAL COBALT PRODUCTION IMPACTED BY SALE SUSPENSION AMOUNTS TO 1472 TONS OF FINISHED COBALT

* KATANGA - PRESENCE OF URANIUM RECENTLY DETECTED IN COBALT HYDROXIDE PRODUCED AT KAMOTO IN LEVELS THAT EXCEED ACCEPTABLE LIMIT ALLOWED FOR EXPORT

* KATANGA MINING LTD - KCC INTENDS TO CONSTRUCT AN ION EXCHANGE SYSTEM TO REMOVE URANIUM FROM COBALT PRODUCED AT PROJECT

* KATANGA MINING - TEMPORARY SUSPENSION OF COBALT SALES EXPECTED TO NEGATIVELY IMPACT REVENUE DURING Q4 OF 2018 AND FIRST AND SECOND QUARTERS OF 2019

* KATANGA MINING LTD - PRODUCTION OF COBALT AT KAMOTO PROJECT IS EXPECTED TO CONTINUE WITHOUT REDUCTION IN QUANTITY PRODUCED

* KATANGA MINING LTD - CONSTRUCTION OF ION EXCHANGE SYSTEM IS EXPECTED TO COST APPROXIMATELY US$25 MILLION

* KATANGA MINING LTD - LOW LEVELS OF RADIOACTIVITY DETECTED IN URANIUM TO DATE DO NOT PRESENT A HEALTH AND SAFETY RISK

* KATANGA MINING LTD - HAS NOT RECEIVED ANY CLAIMS ON SALES WHICH COMMENCED IN Q2 2018

* KATANGA MINING LTD - CONDUCTING ADDITIONAL SURVEYS TO IDENTIFY SOURCE OF URANIUM AND EXPLORING VARIOUS OPTIONS TO MITIGATE IMPACT OF SALES SUSPENSION

* KATANGA MINING LTD - REVENUE THAT WOULD OTHERWISE BE RECOGNIZED ON COBALT SALES DURING Q4 2018, Q1 & Q2 2019 EXPECTED TO BE REALIZED IN Q3 & Q4 2019

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