Nifty headed for another review
PERTH (miningweekly.com) – The share price of metals miner Metals X tumbled by nearly 13% on Friday after the company announced that its Nifty copper project, Western Australia, is still producing below expectations, despite a suite of initiatives to increase production.
Metals X in May this year unveiled a reset plan for the Nifty mine, targeting a two-million-tonne-a-year operation, and a production rate of 28 000 t/y from the Phase 1 plan.
Phase 1 would focus on mine planning, development into new production areas and underground infrastructure improvements, targeting a throughput rate of two-million tonnes a year.
Phase 2 of the reset plan will build off Phase 1, and will target throughput rates of 2.5-million tonnes a year by the March quarter of 2021, with copper-in-concentrate production of around 35 000 t/y, and all-in sustaining costs of between A$6 400/t and A$6 900/t.
Metals X noted that while positive progress had been made on the Phase 1 work streams, the expected resulting increase in the mining rate was yet to be realised. In particular, production for the December quarter to date had been negatively impacted by delays in bringing targeted stopes on line, lower than planned equipment reliability and underground productivity.
Metals X told shareholders that the board had now initiated an operational review.
The company’s shares were trading at a low of 15c each on Friday, down from a high of 18c each.
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