NKR Nikanor

RNS Number:6960Q
Nikanor Plc
05 February 2007

NIKANOR SIGNS CONTRACTS FOR KOV PROJECT



Nikanor PLC , the copper and cobalt mining company with world class assets based
in the Democratic Republic of Congo ("DRC"), continues to make good progress
with its project to rehabilitate KOV, one of the largest  copper and cobalt ore
bodies in the world and simultaneously build one of the world's largest
refineries of its type.



Further to Nikanor's operational update of 14 December 2006, the Company today
provides an update on specific developments since then:



  * $78 million dewatering contract awarded to a consortium of Belgian and
    South African companies
  * $30 million contract for earthworks on the new refinery awarded to a
    leading DRC contractor; work has commenced
  * Further to the MOU signed with SNEL to secure just under half of the
    group's power requirement, as announced on 14 December 2006, refurbishment
    work at a number of power plants has started and is proceeding to schedule.
    Meanwhile, negotiations to secure the group's remaining power requirements
    are advancing well
  * Mining fleet tenders have been received and are being evaluated
  * In all other material respects, the update provided on 14 December
    continues to apply.



Nikanor's Executive Chairman, Jonathan Leslie, will be presenting at the Mining
Indaba in Cape Town on 6 February 2007 to explain the group's project in more
detail.  This presentation will be available on Nikanor's website
www.nikanor.co.uk.





For further information, please contact:



Nikanor PLC

Peter Sydney-Smith, Finance Director                  +44 (0)20 7917 9826
Richard Boorman, Head of Investor Relations           +27 (0)83 604 1795



Citigate Dewe Rogerson
Kate Delahunty                                        +44 (0)777 556 0812
George Cazenove                                       +44 (0) 207 638 9571


Notes to Editors

Nikanor is a mining group which owns assets in the heart of the Katangan
copperbelt in the Democratic Republic of Congo.  The group's key mine is KOV,
containing one of the world's largest high quality copper and cobalt ore bodies.
Nikanor is rehabilitating this proven and well documented brownfield site and
building a major state of the art refining plant to produce 250,000 tonnes per
year of LME A-grade copper cathode and 27,500 tonnes per year of cobalt
products. The resulting business will be one of the lowest cost copper producers
in the world.



Nikanor listed on the London Stock Exchange (AIM) on 17 July 2006.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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