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SOURCE Fleurette Group
KINSHASA, Democratic Republic of Congo, May 9, 2014 /PRNewswire/ --
Fleurette Group is pleased to note the first quarter 2014 production numbers for Mutanda Mining SARL ("MUMI"). During the first quarter MUMI produced 47,100 tonnes of copper metal and 3,300 tonnes of cobalt. This is an increase of 58% for copper and 18% for cobalt, compared to the first quarter of 2013. For 2013, production of copper was 150,600 tonnes and cobalt production was 13,700 tonnes.
MUMI comprises two concessions in the Katanga province of the Democratic Republic of Congo: Mutanda, a developed high grade copper and cobalt producer, and Kansuki, a 185 square kilometre copper and cobalt pre-development project bordering Mutanda. MUMI is jointly owned by Glencore (69% ownership) and Fleurette (31% ownership). MUMI is managed by Glencore who also have a 100% offtake contract for all copper and cobalt production.
Fleurette's investment in Mutanda/Kansuki is an outstanding success for the DRC. Mutanda employs over 3,000 Congolese with plans to recruit more as the future sulphide project unfolds. As the operation moves from development to operational, the direct and indirect tax revenues Mutanda will pay in the future to the DRC state will increase substantially.
Fleurette paid $220m for Gécamines' minority stake in Mutanda. Since Fleurette's initial $220m investment, the group has invested a further $200m developing the asset in partnership with Samref (Glencore). This has driven production from c.80,000 to the current run rate approaching 200,000 tonnes of copper pa. The total investment in Mumi now stands at $1.8billion, which includes the investment program for the rehabilitation and installation of 450MW of additional power (the Global Power Project), of which it is currently estimated that 50MW will be made available to SNEL for distribution onto the National Power Grid, powering homes and local businesses for the people of the DRC.
The success of MUMI shows the importance of foreign investment into the DRC's historically under-funded mining sector. Without the joint finance and commitment of Fleurette and its partners, the DRC would struggle to capitalise on its natural resources wealth.
Alongside Fleurette's significant investment in the mining operations, it makes considerable investments in a community projects in the surrounding Katanga province. These include providing Lubumbashi's Jason Sendwe Hospital with state-of-the-art operating theatres, supporting the Operation Smile campaign in Lubumbashi and Kinshasa; rebuilding Blaise Pascal School in Lubumbashi, and supporting the Lubumbashi Zoo. The Gertler Family Foundation (GFF) is one of the DRC's biggest foundations and is committed to helping meet the needs of vulnerable Congolese. Since its inception in 2004, the GFF has invested millions of dollars in health, education, agriculture, emergency relief, infrastructure, culture and other projects across the DRC.
The Fleurette Group of Companies ("Fleurette") is an entrepreneurial business with significant investment in diverse sectors, including natural resources, infrastructure, agriculture and technology. Fleurette has substantial investments and operations in the Democratic Republic of Congo (DRC). The parent company of the group, Fleurette Properties Limited, a Dutch resident company, is owned by Line Trust Corporation Limited strictly and solely as trustees of the Ashdale Settlement, a trust established in 2006 for the benefit of the family of Dan Gertler. Mr Gertler is a citizen and resident of Israel and the DRC (and honorary counsel to the DRC) and is committed to developing the country's natural resources and infrastructure, while investing in the Congolese people and their communities.
Fleurette has a proven track record of successful co-operation with diverse parties, including the DRC State-owned mining company Gécamines, and to date has brought more than USD $7 billion of investment into the DRC, on top of its USD $2 billion in private investment. As a result, Fleurette's subsidiaries and partnerships support around 30,000 jobs in the DRC and are amongst the DRC's leading taxpayers, contributing significant revenues to the State.
Fleurette is also a major contributor to social development in the DRC through the Gertler Family Foundation (GFF) and through direct investment in social infrastructure. The GFF is the largest charitable organization in the DRC, funding more than 50 programs and projects across the DRC, which help tens of thousands of Congolese every year. These include rebuilding key hospitals, notably the Kisangini "Hospital du Cinquantenaire"; supporting the Operation Smile campaign in Lubumbashi and Kinshasa; rebuilding Blaise Pascal School in Lubumbashi; and supporting the Lubumbashi Zoo.
Food security is a critical issue for the DRC and in Kinshasa, Fleurette and the GFF are developing 1,482 acres of land into the Kitoko Food Farm in partnership with local and international organizations. The farm is expected to employ 400 people and is expected to produce more than 4,500 tons of carrots, tomatoes, onions, potatoes and other vegetables in 2014. For more information on the GFF and its operations please see http://www.gertlerfamilyfoundation.org
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