Half Yearly Report and Accounts
The Group's principal asset is the Kipoi Copper Project (Kipoi), which is operated by Tiger's subsidiary Société d'Exploitation de Kipoi SA (SEK) in which the Group has a 95% interest.
In addition, the Company has a 95% interest in the Lupoto Project (Lupoto), located 10km south of Kipoi, and 100% of the La Patience licence, located 10km south-east of Kipoi.
Health and safety
Tiger continued its strong safety performance at the Kipoi mine site. The lost time injury (LTI) rate at 30 June 2015 remained at zero with no LTIs reported in 3,829,222 man hours. Tiger continues to entrench safety as the number one value at Kipoi through an active hazard identification and education program.
During the six months to 30 June 2015, the solvent extraction and electro-winning (SXEW) plant at Kipoi produced 12,455 tonnes of copper cathode at an all-in sustaining cost of $1.68/lb. This was ahead of internal budgets and was achieved through the use of mitigation strategies to manage the impact of the wet season that extended into April 2015.
Following the end of the wet season the SXEW performed exceptionally well with consecutive months of record performance in May and June. In June, the SXEW plant produced 2,409 tonnes of cathode (an annualised rate of 28,900t), demonstrating the potential to achieve above nameplate production on a sustained basis utilising latent capacity within the SXEW plant.
In June 2015, the first of two 30 MVa transformers installed was successfully commissioned and synchronised with the DRC state-owned electricity network operated by Société Nationale d'Electricité (SNEL). The connection to the grid represents an important milestone as Kipoi is now capable of drawing from this cheaper power source in substitution for power generated from diesel.
Copper cathode sales for the period were 13,286 tonnes, at a realised price of $5,918 per tonne, the balance being sales of copper concentrate.
Kipoi Central Ore Reserve Upgrade
On 16 April 2015 Tiger announced that Ore Reserves for the Stage 2 SXEW operation at Kipoi had increased by 3.5% to 689,000 tonnes of copper as at 31 December 2014. This was an increase of 23,000 tonnes from the 31 December 2013 reserve estimate. The estimate, undertaken by Cube Consulting Pty Ltd, incorporated mining depletion to 31 December 2014.
Exploration & Evaluation
The Lupoto Exploitation Permit (Mining Licence) was granted during the period. Under the licence terms, the Company may undertake a further three years of assessment before it is required to commence development of a mining operation.
The 168,000 tonne copper resource at Sase Central is currently expected to be processed through the Kipoi SXEW plant which is located approximately 25km to the north of the deposit.
An evaluation of Sase Central drill core was completed to source suitable samples for further metallurgical testwork and a geotechnical assessment was undertaken of the pit wall stability.
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About Tiger Resources Limited
Tiger Resources Limited (ASX:TGS) has established itself as a producing copper/cobalt company with excellent growth potential after making the transition from an explorer. We have a highly-rated portfolio of properties, all strategically located on the world renowned Katanga Copperbelt in the Democratic Republic of the Congo (DRC), central Africa.
Tiger Resources Limited