Photo by: Bloombeg
PERTH (miningweekly.com) – Copper cathode producer Tiger Resources has swung to a loss in the interim period ended June, despite a 111% increase in revenues.
Tiger on Friday reported a net loss after tax of A$5.6-million for the six months under review, compared with a net profit after tax of A$10.3-million in the previous corresponding period.
The company said the 154% decrease in profits resulted from a noncash depreciation and amortisation expense relating to its Kipoi solvent extraction and electrowinning (SX-EW) plant, which started commercial production in July 2014, and higher finance costs resulting from interests and fees on additional secured debt facilities.
Meanwhile, Tiger reported a 135% increase in sales volumes for the six months under review, to 14 598 t, comprising 13 286 t of copper cathode and 1 312 t of copper in concentrate from residual stockpiles.
This was compared with the 6 213 t of copper in concentrate sold in the previous corresponding period.
Tiger noted that the increased sales volumes were partly offset by a decrease in the realised copper price.
During the period under review, sales revenue increased by 111% to A$82.9-million, compared with the A$39.2-million reported in the previous corresponding period.
For the full 2015, Tiger was targeting copper cathode production in excess of 25 000 t.
A recent debottlenecking study of the Kipoi SX-EW plant revealed that copper production could be increased to as much as 32 500 t/y at a capital investment of $25-million.