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Turkey’s Pinargozu zinc mine continues upward production trend

25th August 2017

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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JOHANNESBURG (miningweekly.com) – The Pinargozu zinc mine, in the Adana province of Turkey, has continued its upward production trend in the second quarter, delivering a 14% quarter-on-quarter production increase in the three months ended June.

The mine – a joint venture (JV) between Turkey’s Akmetal and Canada’s Pasinex Resources – produced 14 518 t of direct shipping ore at an average grade of 34.3% zinc in the quarter under review. Mine production increased to 160 t/d.

Pasinex, which owns 50% of the mine, stated on Thursday that the period under review was the sixth quarter of higher output and attributed the strong performance to the addition of a third adit in August last year.

Sales revenue totalled $4.2-million, representing 8 767 t sold. About 6 000 t of ore was stockpiled to accommodate a large vessels shipment scheduled for delivery in the third quarter.

The JV holding company, Horzum, reported before-tax profit of C$3.6-million for the second quarter. As a result of the profit realised by the JV, Pasinex recognised a C$0.9-million equity gain on its income statement, which led to net income of C$450 463 (C$0.00 a share), after deducting operating expenses of C$491 959.

“Pinargozu continues its upward trend in production and improving profit margins. This performance, combined with a strong zinc price, lent to growth in our share price, allowing the exercise of our remaining warrants and the strengthening of our financial position,” Pasinex CEO Steve Williams commented.

Edited by Creamer Media Reporter

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