Record quarter bumps Altona's FY guidance
PERTH (miningweekly.com) – ASX-listed copper miner Altona Mining has set a production record at its Outokumpu project during the three months to March, with production up 23% on the previous quarter.
Copper production for the three months under review increased to 2 503 t, with gold-in-concentrate production reaching 2 596 oz. Altona said that the increased production was driven by the mining of higher grade parts of the Wallaby zone, at the Outokumpu project.
With the increase in production, Altona had also increased its full-year guidance to between 7 500 t and 8 000 t of copper, and between 7 500 oz and 8 000 oz of gold, which was up from the original estimate of between 5 000 t to 6 000 t of copper and between 5 000 oz and 6 000 oz of gold.
However, the miner noted that the current high-grade production was not expected to continue, with production in the coming quarters likely to be at or below the global reserve grade of 1.7% copper, as production moved to lower grade areas of the Wallaby zone.
Meanwhile, Altona reported that it was also on the hunt for a partner to assist in the development of its Little Eva mine and mill, as well as the greater Roseby project.
A number of parties have executed confidentiality agreements and were reviewing project data.
The fully permitted Little Eva project represented the first stage of development for the larger Roseby inventory. A definitive feasibility study found that the Little Eva project could produce up to 39 000 t/y of copper and 17 000 oz/y of gold from a resource base of 100-million tons at 0.54% copper and 0.1 g/t gold.
The Roseby project also includes an additional 840 000 t of copper in resource, which has yet to be studied, and some 1 400 km2 of tenure with the potential for further copper, gold, zinc and uranium discoveries.
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