Ivanhoe Australia delivers on target
PERTH (miningweekly.com) - Copper/gold producer Ivanhoe Australia has remained well within its targeted expectations during the three months to December, with the miner producing some 4 322 t of copper and 6 013 oz of gold.
Production at the Osborne copper/gold operation also performed within expectations, with mill throughput for 2012 reaching 789 000 t of ore, within the announced target range of between 700 000 t and 800 000 t.
Since the start of operations at Osborne, in late February, concentrate sales have also met planned volumes, Ivanhoe said, with four shipments by year-end and sufficient concentrate stock available for a fifth shipment.
The fifth shipment, which had been scheduled for late December, had been deferred until January owing to transport constraints around the holiday period.
Ten shipments were planned for 2013.
Meanwhile, the miner noted that it was on track to deliver cost savings to its proposed Merlin molybdenum and rhenium project by the second quarter of 2013, as it continued a review on the project’s capital and mining costs.
Ivanhoe said that the mining review had suggested that there was a potential to alter the planned mining methodology in parts of the orebody to reduce mining costs and increase yearly mining volumes; however, it added that further work was required to confirm these initial results.
A sales and marketing strategy for the project was also launched, which Ivanhoe said would provide insight into both the molybdenum and rhenium markets.
The A$345-million Merlin project could support a 15-year life and would produce an average of 5 100 t of molybdenum and 7 300 kg of rhenium a year for the first seven years following ramp-up.
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