Tiger Resources Limited - Annual Report to Shareholders
26.04.2015 | ABN Newswire
Perth, Australia (ABN Newswire) - (Chairman's Statement) I am pleased to present the 2014 Annual Report for Tiger Resources Ltd. (ASX:TGS) and reflect on a year in which our Company achieved important milestones in the development of our flagship Kipoi Copper Project (Kipoi) in the Democratic Republic of Congo (DRC), including the commencement of copper cathode production following the commissioning of the solvent extraction electrowinning (SXEW) plant.Our operating team achieved commercial cathode production at Kipoi six weeks after the SXEW plant commenced operation (1 July 2014), which was an impressive achievement. We produced 13,557 tonnes of cathode in the second half 2014 after achieving nameplate production in August. Production guidance for 2015 is 25,000t cathode.
In October 2014 Tiger consolidated its position in the DRC with the acquisition of the remaining 40% shareholding in Société d'Exploitation de Kipoi SA (SEK), the owner and operator of the Kipoi Project. This acquisition demonstrated Tiger's commitment to the DRC, and more specifically the Katanga Province, and we look forward to maximising the value of Kipoi and Tiger's other assets in the DRC for our shareholders.
Under the DRC Mining Code Tiger is required to cede a 5% interest in SEK to the DRC Government, which process is currently underway. On completion of that process the Company will hold a 95% interest in the Kipoi Project.
Your directors share shareholders' disappointment that the Company's significant operational achievements during 2014 have not been fully recognised by the investment community, which has been reflected in a serious erosion of Tiger's share price over the last six months. Rest assured that your directors are sparing no effort to stabilise the Company's financial position and restore shareholder value - in particular by putting in place a long-term and sustainable funding structure for the Company - and work on these initiatives is well advanced at the time of writing.
I would like to take this opportunity to thank our dedicated executive team, headed by our CEO Brad Marwood and our Finance Director Stephen Hills, who have worked tirelessly through the year to advance the Company's projects for the benefit of all shareholders. Lastly I would like to thank you our shareholders for your continuing support and belief in our goals. I look forward to meeting as many of you as are able to join us at the 2015 AGM scheduled for 27 May 2015.
To view the Annual Report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TGS-716857.pdf
About Tiger Resources Limited:
Tiger Resources Ltd. (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.
Contact:
[wp=843]Tiger Resources Ltd.[/wp
T: +61-8-6188-2000
F: +61-8-6188-2099
www.tigerez.com