Tiger increases full-year guidance
PERTH (miningweekly.com) – Dual-listed copper miner Tiger Resources has flagged an 85% increase in its 2014 production guidance, following the completion of life-of-mine grade control drilling at its Kipoi project, in the Democratic Republic of Congo.
The Stage 1 heavy media separation (HMS) plant is now expected to produce 39 000 t of copper in concentrate during 2014, up from the previous guidance of 21 000 t. Operating costs are forecast at A$0.30/lb of copper.
Tiger on Monday also reported record production of 12 123 t of copper in concentrate from its HMS operations at Kipoi, bringing its year-to-date production to 32 728 t.
The Kipoi project mined 327 858 t of high-grade ore, with a record 263 681 t of ore processed during the three months to September. The record copper-in-concentrate production was within guidance.
A total of 51 583 t of concentrate was sold, generating a revenue of A$55.5-million, at an average realised copper price of A$6 819/t during the quarter. Around 68% of the concentrate was sold under existing offtake contracts, with the balance exported to China.
Tiger noted that construction of the Stage 2 solvent extraction and electrowinning plant started in January this year, and was on schedule for first copper cathode production by the second quarter of 2014.
The ASX- and TSX-listed company was hoping to produce some 25 000 t of copper cathode in the first full 12 months of production.
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