Katanga Mining Limited

Katanga Mining Limited

July 16, 2007 09:15 ET

Katanga Appoints Independent Committee

LONDON, UNITED KINGDOM--(Marketwire - July 16, 2007) - Katanga Mining Limited (TSX:KAT) ("Katanga" or the "Company") today announced that an Independent Committee of the Board of Directors has been established, comprising three independent members of the Board. The move was unanimously approved at a meeting of Katanga's Board of Directors.

The Independent Committee will be chaired by Graham Mascall, and will include Robert Wardell and Jean-Claude Masangu Mulongo. The Committee will be responsible for reviewing all strategic alternatives that are available to the Company and will recommend to the Board a course of action to achieve maximum value for shareholders.

The decision to establish the Committee has been prompted by the possible unsolicited all share offer from Central African Mining and Exploration Company plc ("CAMEC"). However, the Board of Katanga would like to stress that no formal offer for the Company has been received from CAMEC. If and when an offer is made, Katanga will give it due consideration.

To learn more about Katanga Mining Limited, please visit our website at www.katangamining.com.

Katanga Mining Limited operates a major copper-cobalt mine complex in the Democratic Republic of Congo.

First copper is due to be shipped in December 2007 and the site is expected to reach full production in 2011, when 150,000 tonnes of refined copper and 8,000 tonnes of refined cobalt will be produced a year. The Company will be among the world's lowest cost producers.

Katanga Mining Limited is listed on the Toronto Stock Exchange under the symbol KAT.

Contact Information

  • Parkgreen Communications (London)
    Simon Robinson
    +44 (0)20 7851 7480
    Mobile: +44 (0)7887 985671
    Fleishman-Hillard (Toronto)
    Caroline Spivak
    (416) 645-8185
    Mobile: (416) 371-9740