Late sales widens Straits losses
PERTH (miningweekly.com) – The timing of concentrate sales has resulted in copper miner Straits Resources reporting an 11% decline in revenue for the half-year ended December, compared with the previous corresponding period.
The miner reported on Wednesday that revenue for the interim period reached A$88.6-million, compared with the A$99.2-million reported in the previous corresponding period, as concentrate sale recognition trigger points were not met at the end of December, resulting in the sale of copper concentrates being recognised in the first week of January.
As a result of the fall in revenue, Straits widened its after-tax loss for the six months from A$14.1-million reported in the first half of 2014, to A$21.3-million.
The miner told shareholders that during the interim period under review, the company’s focus had been on improving the operational performance at its Tritton copper mine, in New South Wales.
Both the mining operations and the processing plant performed well and set new record quarterly production of 7 904 t of copper during the December quarter, following the yearly production record achieved in June last year of 26 422 t of copper.
The operation was currently on target to achieve a production of 27 000 t of copper for the full year.
Straits said that the company would continue to drive operational and cost performance in the current operation, and would look to update life-of-mine plans to incorporate an increased ore reserve and to reinvigorate exploration activities on the tenements around Tritton to extend the mine life or upgrade the quality of the resource.
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