Hillgrove sticks to production target despite switchover
PERTH (miningweekly.com) – Copper miner Hillgrove Resources produced some 3 450 t of copper in concentrate during the three months to July from its Kanmantoo mine, in South Australia, after taking over mining operations.
This was on par with the 3 590 t of copper in concentrate produced during the three months to April.
The ASX-listed miner executed a settlement deed with contract miner Exact Mining Services, allowing for the mutual termination of the mining services contract at Kanmantoo, in an effort to save on cash cost.
During the mining services changeover in July, Hillgrove put in place alternate contract arrangements to continue ore feed into the plant from run-of-mine and low-grade stockpiled material to maintain mill throughput and to produce copper at around 60% of the plant’s nameplate capacity.
Copper production continued running to the revised plan, with lower copper production offset by lower expenditure incurred during the transition period.
Gold grade was also reduced following the completion of the Spitfire pit in the previous quarter, which had a higher level of gold.
Hillgrove on Wednesday reported that revenue for the three months to July had reached A$27.6-million, at a C1 cash cost of $2.40/lb.
During the quarter, two copper shipments were made to China, and these accounted for Hillgrove’s ninth and tenth shipments for a total of some 22 000 t. The miner said that it was currently producing copper concentrates for its next shipment, and was continuing its engagement in the vessel chartering market to ensure exposure to freight rates are minimized.
Looking ahead, Hillgrove noted that based on the rescheduled mining ramp-up, revised production guidance for the year to January was expected to be between 16 500 t and 18 000 t of copper.
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