FOR IMMEDIATE RELEASE
Monday, December 12, 2011
Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Tokyo, Japan – December 12, 2012 – African Compass International Limited (“ACI” or the “Company”), today announced it is looking forward to working with a potential off-taker after preliminary commitment to purchase on long-term, pre-finance and provide technical support on ACI’s tungsten wolframite project in Zimbabwe.
The potential Off-taker would be interested to off-take and could offer technical cooperation and possibly pre-financing to ACI’s planned tungsten operation, subject to ACI concentrates being in line with the potential off-take specifications, notably with respect to levels of radiation and As/Pb content, ACI complies with the potential off-taker Supplier Code of Conduct (SCC) and the proposed operations have a scale and economics that indicate sustainable supply at a minimum tonnage of 20 tonnes concentrate per month at market related prices at a minimum supply period of 36 months.
ACI will work to comply on its tungsten project with The Equator Principles based on the International Financial Corporation (IFC) performance standards on social and environmental sustainability, and on the World Bank Group’s Environmental, Health and Safety General guidelines. The company also plans to get certified in international standards for its operations such as ISO 14001 (Environmental Management), 9001 (Quality Management Systems), OHSAS (Occupational Health and Safety Management System) as well as 26000 (Social Responsibility). It believes consequently a project does not end with a mine’s closure but only after a comprehensive remediation programme that includes returning overburden and gravel to the flood plain and restoration of flora from the company’s own nursery.
About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, South America and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.
Supporting Resources: please visit www.africancompassinternational.com; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.
For and on behalf of the Company’s Board of Directors
Julian RUPARE, Jr.
CEO & Chair
GLOSSARY OF TERMS:
The following are the main terms and abbreviations used in this webnews:
ACI African Compass International Limited and/or its subsidiaries, as appropriate
As Arsenic
CEO Chief Executive Officer
CLO Chief Legal Officer
Company African Compass International or African Compass International Limited
COO Chief Operating Officer
Pb Lead
SCC Supplier Code of Conduct
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African Compass International
Johannesburg | Harare | Vienna | Tokyo
Directors J Rupare Jr (CEO) C N Rupare (COO) U Mazunga (CLO)
