Magna posts solid second-quarter output, cashflow
Canadian base and platinum group metals miner Magna Mining has achieved solid production of 4.5-million copper-equivalent payable pounds in the second quarter and 8.6-million copper-equivalent payable pounds in the first half of the year.
Magna is well on track to achieve its full-year production guidance of between 16-million and 18-million copper-equivalent payable pounds.
In the second quarter alone, Magna processes 98 446 t of ore at the 700 Footwall Copper Zone, at McCreedy West mine, in Ontario, at a grade of 3.34% copper-equivalent.
The company generated free cashflow of $5.1-million in the second quarter and ended with a cash and cash equivalents balance of $40-million.
The company continues to progress a preliminary economic assessment on the Levack project and a prefeasibility study on the Crean Hill project, which are both based in Ontario and on track for completion in the third quarter.
Notably, Magna graduated from the TSX-V to the main board of the TSX in June, with the uplisting expected to enhance the company's profile within the investment community and provide access to a broader range of investors.
Magna has advised that its CFO Scott Gilbert will retire at the end of the year, with Magna capital markets senior VP Greg Huffman due to succeed Gilbert in this role.
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