PERTH (miningweekly.com) – Copper cathode producer Tiger Resources has maintained its full-year output expectations despite reporting a decline in production during the quarter ended March, owing to the wet season.
During the three months making up the first quarter of 2015, Tiger produced 5 723 t of copper and 1 012 t of copper cathode, compared with the 6 438 t of copper and 1 603 t of cathode produced in the fourth quarter of 2014.
The miner said on Thursday that while production was down slightly as a result of the wet weather conditions, the company’s operations still performed 5% ahead of budget for the quarter.
C1 costs for the quarter under review increased slightly from the $1.81/lb reported in the December quarter, to $1.84/lb, on the back of lower production.
Cathode sales for the quarter reached 6 314 t, with Tiger achieving an average copper price of $5 771/t sold. The miner noted that at the end of the March quarter, some 1 012 t of copper cathode remained in inventory, with a sales value of some $6.2-million.
Tiger on Thursday maintained its full-year production guidance of 25 000 t of copper cathode, at a cash operating cost of between $1.30/lb and $1.40/lb, and an all-in sustaining cost of between $1.57/lb and $1.67/lb.