Hillgrove winds down Indonesian exploration
PERTH (miningweekly.com) – Copper miner Hillgrove Resources on Friday told shareholders that it was winding down activity at its Indonesian assets in an effort to preserve cash.
In its quarterly report for the three months to April, Hillgrove noted that it would wind down activity at both the Bird’s Head copper/gold project and the Sumba gold project.
Hillgrove holds an 80% shareholding in both projects and is responsible for the management of exploration and development activities at both sites, up until a decision to mine.
The company noted that while the projects had received interest from major mining groups, all companies were currently reviewing their investments into greenfield projects.
“A number of potential funding partners have reviewed the data for both assets, with meetings held in Australia and Indonesia, as well as two site tours concluded,” Hillgrove told shareholders.
The copper miner added that while activities were being wound down, a relationship would be maintained with the local landowners, along with the tenement management.
Meanwhile, Hillgrove’s Kanmantoo copper mine, in South Australia, produced some 3 590 t of copper during the quarter to April, in line with the previous quarter.
Revenue for the quarter was reported at A$29.6-million, with C1 cash costs at $3.15/lb.
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