PERTH (miningweekly.com) – ASX-listed Artemis Resources has generated its first revenue from the Whundo copper project, in Western Australia, with a load of copper oxide ore trucked to the Whim Creek copper solvent extraction-electrowinning plant under a supply deal with Blackrock Metals.
Artemis in March signed a deal with Blackrock Metals to supply an initial 50 000 t of copper oxide, at 1.5% copper, with the ore supplied from the mine’s stockpiles.
First copper oxide ore supply had initially been targeted for April, but Artemis chairperson David Lenigas said on Wednesday that this was delayed owing to Blackrock requiring adjustments to its existing Whim Creek permits to import outside copper ore.
“We have a lot more copper oxide material sitting at surface at Whundo and we will now look to expand and extend the existing ore sales contract with the aim of increasing our net cash flow,” Lenigas said, adding that Artemis was expected to generate net revenue of A$100 000 a month from the current ore sales agreement.
The next oxide stockpiles up for sale consisted of some 30 000 t of ore, grading 3.9% copper and Artemis was expecting "significantly more" than A$6/t for this material.
The Whundo mine is one of the Fox Radio Hill assets being bought by Artemis from Fox Resources, in exchange for A$2-million in cash and the issue of 20-million Artemis shares.