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.