Tuesday 14th January 2014
RESTRUCTURING OF THE DISCOVERY METALS BOSETO OPERATION
Discovery Metals (ASX:DML) (the Company) today announces that it is undertaking a restructuring programme at its 100%-owned Boseto Operation. The restructuring programme is designed to improve cost competiveness, and further enhance production efficiencies.
The restructuring follows extensive detailed discussions with key stakeholders, including employees, the relevant Botswana Government Departments and the Botswana Mine Workers Union. The site restructuring programme complements the recent restructuring that has taken place across all other divisions of the Discovery Group, including the Brisbane and Gabarone offices, which have also been instigated to improve the cost competitiveness and the C1 cash cost of copper production.
The retrenchment exercise at Boseto will affect 85 of the 516 employees based at the site (15% of the total workforce). The Company does not expect that the restructuring will have a material effect on the production at the Company's Boseto Operation.
While the implementation of the above restructuring has been a difficult decision, the ongoing improvements in efficiencies and cost competiveness will help to enable the Boseto Operation to maintain long-term sustainability in the world copper market.
ABN 29 104 924 423 / ASX : DML, BSE : DML / ph: +61 7 3218 0222 / fx: +61 7 3218 0233 / [email protected]
Level 23, 333 Ann Street, Brisbane, Queensland 4000 / Plot 21314 Sebele Station Road, Phakalane, Gaborone
www.discoverymetals.com
Tuesday 14th January 2014
FORWARD LOOKING STATEMENTS
This release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that Discovery Metals expects, are forward-looking statements. Although Discovery Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may
differ materially from those projected in forward-looking statements.
DISCOVERY METALS BACKGROUND
Discovery Metals is an ASX/BSE listed copper exploration and production company focused on the emerging Kalahari Copperbelt in north- west Botswana. The Company is a copper producer at its 100% owned Boseto Copper Project.
The Kalahari Copperbelt sediment-hosted mineralisation of the Boseto Copper Project is similar in style to the well-known and large deposits of the Central African Copperbelt of Zambia and the Democratic Republic of the Congo.
Discovery Metals has prospecting licences covering approximately 26,150 km2 in Botswana.
Further information on the Company including Mineral Resources and Ore Reserves is available on our website:
www.discoverymetals.com
For further information on this release and Discovery Metals Limited, please contact:
Bob Fulker - CEO
Phone: +61 7 3218 0222 / Email: [email protected]
Paul Frederiks - CFO and Company Secretary
Phone: +61 7 3218 0222 / Email: [email protected]
ABN 29 104 924 423 / ASX : DML, BSE : DML / ph: +61 7 3218 0222 / fx: +61 7 3218 0233 / [email protected]
Level 23, 333 Ann Street, Brisbane, Queensland 4000 / Plot 21314 Sebele Station Road, Phakalane, Gaborone
www.discoverymetals.com