Hillgrove mulling dividend options as Kanmantoo hits targets
PERTH (miningweekly.com) – With the Kanmantoo mine in South Australia now delivering on its production targets, copper miner Hillgrove Resources plans to look at its capital management options and the potential to return value to shareholders.
“The stability and outlook for the Kanmantoo operations have created the financial platform to explore these alternatives. Any value return option, including the potential for future dividends, is subject to the full repayment of existing debts to our financiers, which under the current schedule, is due to be complete by the end of July 2015,” the ASX-listed company said on Thursday.
The Kanmantoo mine produced 5 554 t of contained copper-in-concentrate during the three months to April, with a record 5.25-million tonnes of material mined during the first quarter, following the introduction of two larger excavators delivering increased truck productivity.
The operation generated revenue of A$45.5-million during the quarter, and C1 cash costs dropped to $2.11/lb.
Full-year production expectations at Kanmantoo have been maintained, with the project expected to deliver between 22 300 t and 24 600 t of copper-in-concentrate, and between 7 000 oz and 9 000 oz of gold-in-concentrate
Apart from reducing debt and focusing on returning shareholder value, Hillgrove would also look to further improve the performance of the Kanmantoo mine, the expansion of its regional resource through further exploration and the realisation of value from its Indonesian assets.
Exploration and investment groups were currently reviewing the Bird’s Head and Sumba Island assets, the miner said, adding that with both projects in the advanced exploration stage, the recent ban on mining exports did not have an impact on the value or potential progress of the next stage works.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
