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MAC forecasts stronger Q2 performance, says CEO McMullen

30th April 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Copper miner Metals Acquisition Limited (MAC) expects a rebound at the CSA mine in the second quarter following a softer performance in the initial quarter of the year.

Despite encountering challenges such as lower mill grade and a power outage triggered by an offsite storm event, the CSA mine in New South Wales largely met expectations in the March quarter, CEO Mick McMullen said on Tuesday.

However, these factors contributed to an 11% quarter-on-quarter decrease in production, with CSA producing 8 786 t of copper, while C1 cash costs rose 8% to £2.15/lb.

McMullen further attributed the quarter-on-quarter variances to the lower number of high-grade stopes mined in the March quarter, relative to other quarters.

“The higher-grade stopes are a large proportion of our production and the timing of mining these has a significant impact on quarter-on-quarter production,” he said.

Looking ahead, McMullen said MAC was set to capitalise on a substantial stockpile of high-grade ore, coupled with two large high-grade stopes slated for mining in the second quarter. This, he said, would drive sequentially higher production during the second quarter.

Based on the reserve plan, MAC expects copper production to continue to increase sequentially over the remaining quarters of the year.

Further, McMullen underscored the high-quality, long-life nature of the CSA mine, emphasising ongoing efforts to convert additional resources into reserves. Exploration drilling in, and around, the mine have confirmed the high-grade nature of the operation.

MAC recently issued a three-year copper production guidance, projecting a 25% increase in copper production over the period, culminating in more than 50 000 t of copper in 2026.

McMullen also mentioned that MAC maintained a disciplined merger and acquisition strategy and that it was committed to evaluating growth prospects that would enhance shareholder value.

Meanwhile, MAC announced the appointment of Morne Engelbrecht as the new CFO.

Edited by Creamer Media Reporter

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