PERTH (miningweekly.com) – Copper miner Tiger Resources has more than doubled its net profit for the six months ended June, reporting a A$14.14-million net profit, compared with the A$6.5-million reported in the previous corresponding period.
Tiger noted that the Stage 1 heavy media separation (HMS) operations at its Kipoi project, which were commissioned in May 2011, had generated cash flows of some A$45.3-million.
During the interim period under review, some 506 665 t of ore, at an average grade of 6.96% copper, was processed through the HMS plant to produce 20 604 t of copper in concentrate.
This exceeded nameplate production of 17 500 t of copper in concentrate, and outperformed production guidance by over 11%, Tiger reported.
Concentrate sales for the six months under review reached 95 231 t for 21 862 t of contained copper, generating generate some A$94.7-million in revenue. Tiger noted that sales to local smelters accounted for 79% of the physical sales volume, and for A$56.6-million of the sales revenue.
Export sales accounted for the remaining A$21.7-million.
As a result of the increased production during the first half of the financial year, Tiger had increased its production forecast for the full year to between 41 000 t and 43 000 t of copper in concentrate, up from the original estimate of 37 000 t.