29Metals closes out quarter on top

29Metals welcomed a ramp up in production in 2023 despite…

29Metals welcomed a ramp up in production in 2023 despite impacts from major flooding at its Mount Isa operations in Queensland.

The company’s Capricorn copper mine was struck by flooding last year, costing the company millions in clean-up and production loss.

But things were looking up for the miner by the end of the year, raising production at the mine to 2.4 kilotonnes (kt), up from 1.1kt in the September quarter.

“At Capricorn copper, the declarations conferred by the Queensland Government during the quarter are a strong show of support for the full recovery of operations following the extreme weather event in March 2023 and the long-term future of the site,” 29Metals managing director and chief executive officer Peter Albert said.

The company also saw growth at its Golden Grove mine in Western Australia, more than doubling its zinc output on the previous quarter.

Albert credited the jump to the work done to extend the site’s Xantho orebody.

“The significant quarter-on-quarter increase in metal production and continued improvement in development rates at Golden Grove shows the benefits of the Xantho Extended debottlenecking projects completed through 2023,” he said.

“As Golden Grove’s highest grade ore source, the progressive ramp-up of Xantho Extended will be a key performance driver for the asset over 2024 and beyond.

“The team achieved a significant increase in metal production in the quarter, although missed full year zinc and gold metal production, relative to guidance.

“Group site costs were generally well controlled, with savings implemented during the year and lower total recovery costs and capital expenditure for the year, relative to guidance.”

A boost in safety was on the docket for 29Metals in the December quarter, cutting its total recordable injury rate down to 6.5 from 7.7 in September.

The company is also continuing its search for a CEO after Albert announced his retirement from April 2024.

Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *