|By Marketwired .||
|April 16, 2014 08:34 AM EDT|
PERTH, AUSTRALIA -- (Marketwired) -- 04/16/14 --
-- Executed agreement with Trafigura for US$50 million -- Full US$50 million prepaid and available immediately -- Remaining capital required for the Kapulo project now secured -- Prepayment terms provide endorsement of Mawson West's strategy and assets -- Enables next growth step for Mawson West
Mawson West Limited (TSX:MWE) ("Mawson West" or "the Company") is pleased to announce the Company, through its 90% owned subsidiary Anvil Mining Congo SARL, has signed an offtake agreement with Trafigura Pte Ltd ("Trafigura"), a market leader in the global commodities industry, to sell 100% of the copper concentrate produced at the Dikulushi and Kapulo mines for a period of 48 months from the commencement of commercial production at Kapulo. As part of the offtake arrangements, Trafigura has provided Mawson West with a facility of US$50 million, to be prepaid to the Company immediately.
---------------------------------------------------------------------------- US$50 Million Prepayment ---------------------------------------------------------------------------- - Available for immediate draw down - Competitive facility fee - Competitive interest margin - Eight repayment instalments, commencing 31 March 2015 - No hedging conditions - No equity based payments ---------------------------------------------------------------------------- Offtake Agreement ---------------------------------------------------------------------------- - 4 year term to December 2018 - Standard industry payable metal terms - International benchmark treatment and refining charges - Competitive transport charges with annual reviews - 95% provisional payment, 3 days following delivery to bonded warehouse in Nchelenge, Zambia ----------------------------------------------------------------------------
Mawson West Chief Executive Bruce McFadzean said:
"Completion of the offtake agreement and funding with Trafigura for our production from Dikulushi and Kapulo is a key milestone for Mawson West and provides a strong endorsement of our strategy and assets in the Democratic Republic of Congo. The prepayment of US$50 million means the remaining capital expenditure required for the finalisation of development at the Kapulo project is now secured. With a strong balance sheet, underground production currently ramping up at Dikulushi and final development funding now secured for Kapulo, 2014 is poised to be another exciting year for Mawson West."
With a forecast production rate of approx. 20,000 tonnes of contained copper per annum and a current six year mine life, with potential for further increases after the inclusion of the Safari deposit, Kapulo is the next step in Mawson West's growth strategy.
To date, a total of approx. US$77 million of capital has be spent at Kapulo with the Company having completed all civil works, installation of ROM bin, ROM feeder, crushers, screen deck, ball mills, coarse ore tunnel and the erection of a flotation circuit building. Having secured the required final US$50 million of funding from Trafigura, Mawson West is now in a position to complete the development of Kapulo with commissioning expected to commence in Q4 2014.
Mawson West will host a conference call to discuss today's announcement on April 17, 2014 at 10.00am (North American Eastern Standard Time) (3.00pm London; 10.00pm Perth). Further details of the call are detailed below.
Interested parties may access the conference call by using the following dial-in numbers:
-- Canada 1866 307 0658 -- United States 1866 307 0659 -- United Kingdom 0808 238 9067 -- Australia 1800 153 721 -- New Zealand 0800 442 709 -- International Toll 612 8212 8333
Participant PIN Code: 682436#
Dial-in access details for other countries can be obtained from the below web address: http://www.arkadin.com/beamon/ITFS/ANZ_Jan_2013.pdf.
Please connect approximately 10 minutes prior to the beginning of the call.
A recorded playback of the conference call can be accessed from the below web address on Tuesday, April 22, 2014: http://www.mawsonwest.com/irm/content/webcasts.aspx?RID=317.
About Mawson West
Mawson West is a copper and silver-focused resource company listed on the Toronto Stock Exchange
(TSX) and based in Perth, Australia.
The Company's two key projects are the Dikulushi copper-silver mine and the Kapulo copper mine located in the Katanga province in South Eastern Democratic Republic of Congo (DRC). Mawson West also continues to focus on exploring multiple prospective targets located within its significant land holding of approximately 7,300km2 in the DRC's rich copper belt.
Mawson West Limited
Chief Executive Officer and Managing Director
+61 8 9485 9800
Mawson West Limited
Mark Di Silvio
Chief Financial Officer
+61 8 9485 9800
MAGNUS Investor Relations
+61 2 8999 1010
Roth Investor Relations Inc.
+1 732 792 2200
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Sep. 27, 2016 09:30 PM EDT Reads: 2,950
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Sep. 27, 2016 09:30 PM EDT Reads: 455
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Sep. 27, 2016 08:30 PM EDT Reads: 2,036
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Sep. 27, 2016 08:15 PM EDT Reads: 2,229
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Sep. 27, 2016 07:30 PM EDT Reads: 2,149
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Sep. 27, 2016 07:00 PM EDT Reads: 2,855
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Sep. 27, 2016 06:45 PM EDT Reads: 1,816
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Sep. 27, 2016 06:30 PM EDT Reads: 2,203
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Sep. 27, 2016 06:30 PM EDT Reads: 3,565
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Sep. 27, 2016 06:15 PM EDT Reads: 406
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Sep. 27, 2016 06:00 PM EDT Reads: 1,700
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Sep. 27, 2016 05:45 PM EDT Reads: 1,663
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
Sep. 27, 2016 05:30 PM EDT Reads: 2,029
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Sep. 27, 2016 05:15 PM EDT Reads: 318
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Sep. 27, 2016 05:15 PM EDT Reads: 2,771