Discovery reports lower output from Botswana copper mine
PERTH (miningweekly.com) – ASX-listed Discovery Metals Limited (DML) has reported a 5% quarter-on-quarter decline in concentrate production from its Boseto project, in Botswana, during the three months to the end of September.
For the quarter under review, the volume of material mined was down by 4.5% to 8.96-million tonnes, with the company milling some 615 000 t to produce 11 943 t of concentrate.
Copper in concentrate production was down 6.5% on the previous quarter, to 4 705 t, while silver-in-concentrate production declined by 8%, to 196 816 t.
The miner said on Wednesday that the copper and silver production reduced marginally as a result of the lower-than-planned metal production during the month of September. Average copper recovery in September was 56%, compared with the expected 64%.
DML said that investigations into the cause of this recovery decline were under way, and initial indications showed that the underperformance was related to the management of grind size and reagent levels, particularly when treating charging blends of Zeta sulphides and Plutus transitional ores.
Efforts to optimise copper recovery continue, the company reported.
As a result of the weaker production, C1 capital costs also increased by 5% quarter-on-quarter, to A$3.62/lb.
In September, DML signed a $108-million recapitalisation deal with Singapore-listed investment holding company Blumont Group. The deal would consist of a A$8.75-million share placement and a $100-million convertible bond placement, and would conclude with Blumont owning a 60% interest in DML.
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