01/09/2017 - 13:48

Metals X keeps full-year production target

01/09/2017 - 13:48

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Metals X says the recent closure and subsequent reopening of its Nifty copper mine will dent production for the quarter, but it has maintained its full-year target.

Metals X keeps full-year production target
Metals X owns the Nifty copper mine in the Great Sandy Desert.

Metals X says the recent closure and subsequent reopening of its Nifty copper mine will dent production for the quarter, but it has maintained its full-year target.

The Perth-based miner put operations at Nifty on hold for nine days in August to undertake remedial repairs to an escape way, following a routine inspection.

In a statement today, the company said the temporary suspension, coupled with subsequent delays in underground stoping, had lowered its production forecast for the September quarter.

It now expects to produce between 3,600 and 3,900 tonnes for the quarter. However, it has maintained its FY18 target of 40,000t for the year.

“Whilst this delay has been unfortunate, we are confident that we remain on track to deliver on our 40,000tpa copper production rate,” managing director Warren Hallam said.

“When we acquired Nifty late last year, the mine had been planned for closure with development and drilling wound down several years earlier.

Metals X’s objective has been to redevelop the mine as quickly as possible, with our target being the achievement of a production rate of 40,000tpa of copper by mid-2018.

“The limited number of mining areas, combined with the variability in mining conditions associated with the ‘checkerboard’, has continued to impact upon production ramp-up during the current quarter.

“As we develop into new extensions of the deposit and increase the number of available stoping areas, we will be less exposed to unforseen variations in production.”

Metals X shares were 0.3 per cent lower to 85.2 cents each ahead of the close.

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