LSE-listed NQ Minerals on Monday said that its flagship Hellyer gold mine, in Australia, had experienced improved operating conditions and metallurgical recoveries across its fourth quarter.
During the quarter, unaudited gross revenues amounted to A$15.5-million, gross profits were A$7.4-million and operating profits were A$4.8-million.
This, the company said on Monday, showed “consistent and significant improvements on a quarter-over-quarter basis through 2019”.
Mine production for the quarter also resulted in a record with 8 160 t of lead concentrate, and 4 904 t of zinc concentrate production. This is up from the 6 656 t and 3 310 t of lead and zinc, respectively, reported in the quarter before.
Overall, NQ Minerals chairperson David Lenigas said that 2019 “has been a transformational year” for the company, adding that the improvements at the operational level had translated into increased operating profits at Hellyer on a quarter-on-quarter basis.
Since announcing commercial production in January 2019, NQ Minerals had consistently delivered improvements to its operational results, he noted, adding that the combination of improved financial results and strategic initiatives undertaken to secure the mineral deposits below Hellyer positioned the company to create significant value in the near and long-term.