NKR Nikanor

RNS Number:1291Z
Nikanor Plc
27 June 2007





27 June 2007



NIKANOR PLC - ANNUAL GENERAL MEETING



Nikanor PLC (LSE: NKR), the AIM listed copper and cobalt mining company with
world class assets based in the Democratic Republic of Congo ("DRC"), held its
first AGM at 11:30 today and all of the resolutions proposed by the management
were passed by the required majority.



Jonathan Leslie, Executive Chairman of Nikanor, gave shareholders the following
update on the company's progress:



"It gives me great pleasure to speak on the occasion of our first Annual General
Meeting.  The 11 months since our IPO have been both challenging and exciting
and I am pleased at the progress we have made in breathing life back in to one
of the world's great copper/cobalt ore bodies.



The journey from feasibility study to operational reality continues. We are
ramping up concentrate production and the transformation of the site is
happening at a pace that is visible daily.  Major pieces of equipment are
arriving on site and progress can be seen with the earthworks for the plant, the
delivery of dewatering pipes and the first decantation pond at KOV, and the
start of construction of accommodation facilities.



As stated earlier this year and in line with many projects in our industry
across the world, we have experienced unwelcome cost increases.  However,
commodity price assumptions, which cannot be divorced from the cost of new
projects, have also increased and we believe that the project economics have
actually improved since the IPO.  The independent review completed a month ago
as summarised in our press release dated 25 May, gives us added confidence that
we can deliver this project on time and on budget.  This remains one of the most
exciting mining projects in the world with the potential to remain at the bottom
of the cost curve for the next 30 years.



On 1 June, we were pleased to announce that we had managed to obtain the
additional equity funding necessary to take the project forward.  In the
process, we secured through one of our new shareholders, Glencore International
AG, an offtake agreement for all of our products as well as assistance on
financing.  Following these developments, the Board today approved the
expenditure of $420 million for immediate ordering of long lead items and to
finalise construction contracts.  This is a very positive step and we remain
determined to achieve the original project timeline and deliver first cathode by
the end of 2009."







For further information, please contact:



Nikanor PLC                                          +44 (0) 20 7529 5800

Jonathan Leslie, Executive Chairman

Peter Sydney-Smith, Finance Director

Richard Boorman, Head of Investor Relations



Citigate Dewe Rogerson                               +44 (0)20 7638 9571

Kate Delahunty

George Cazenove



JP Morgan Cazenove                                   +44 (0)20 7588 2828

Robert Stafler




Notes to Editors

Nikanor is a mining group which owns assets in the heart of the African
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.



Nikanor was admitted to the London Stock Exchange (AIM) on 17 July 2006.








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