Katanga Annual Results Show 34 Percent Sales Increase for 2014

Katanga Mining Limited (TSX:KAT) announced its fourth quarter and annual financial results for 2014, which show total sales for Q4 2014 were $262.9 million and total annual sales were $1,078.5 million, a 34% increase over 2013.

As quoted in the press release, some of the highlights include:

Financial

• Cash inflows from operating activities (excluding customer prepayments funded through the Amended Loan Facilities – as defined below) were $183.3 million higher during the three months ended December 31, 2014 (“Q4 2014″) and$418.1 million higher in 2014, when compared to the three months ended December 31, 2013 (“Q4 2013″) and 2013. Refer to Non-IFRS measures in Katanga’s 2014 Management’s Discussion and Analysis.
• On November 26, 2014, the Company announced the execution of extended and increased loan facilities (the “Amended Loan Facilities”) from an affiliate of Glencore plc (“Glencore”). The terms of the Amended Loan Facilities remain consistent with those previously disclosed.
• Total sales for Q4 2014 were $262.9 million, a 30% increase over Q4 2013. Total sales for 2014 were $1,078.5 million, a 34% increase over 2013.

Mining

• During Q4 2014, the Company mined 1,863,967 tonnes of ore, an 18% increase over Q4 2013, at an average grade of 4.22% resulting in contained copper in ore mined of 78,606 tonnes. During the year ended December 31, 2014, the Company mined a record 7,433,838 tonnes of ore, a 19% increase over the year ended December 31, 2013, at a grade of 3.91% resulting in contained copper in ore mined of 290,741 tonnes.

Click here to read the full Katanga Mining Limited (TSX:KAT) press release.