Katanga Mining Limited

Katanga Mining Limited

September 06, 2007 08:31 ET

Katanga's Response to Withdrawal of Unsolicited Offer

LONDON, UNITED KINGDOM--(Marketwire - Sept. 6, 2007) - The Board of Katanga Mining Limited (TSX:KAT) ("Katanga" or the "Company") notes that Central Africa Mining and Exploration plc ("CAMEC") has withdrawn its unsolicited offer for the Company. Subsequently, Katanga has been advised by George Forrest that, as a result of the withdrawal of CAMEC's offer, he has been fully released from his lock-up agreement with CAMEC.

"Given the significant uncertainty surrounding CAMEC and its operations, we are not surprised by this development," noted Arthur Ditto, Chairman, President and CEO of Katanga. "Katanga is free to continue to develop its Kamoto project and to investigate strategic options to maximize value for Katanga shareholders."

As a consequence of CAMEC's offer being withdrawn, the Board will no longer be issuing a Directors' Circular as previously advised.

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

  • Katanga Mining Limited
    Arthur H. Ditto
    Chairman, President & CEO
    +44 (0)20 7440 5824
    Mobile: +44 (0)7983 447774
    Katanga Mining Limited
    Anu Dhir
    Vice President, Corporate Development
    +44 (0)20 7440 5822
    Mobile: +44 (0)7983 438942
    Website: www.katangamining.com
    Katanga Mining Limited
    15 Golden Square
    London W1F 9JG
    United Kingdom
    +44 (0)20 7440 5800
    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