15/01/2019 - 11:54

Metals X posts 11% production increase

15/01/2019 - 11:54

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Metals X has announced encouraging production results at its Nifty copper mine in the Pilbara.

Metals X posts 11% production increase
Production at Nifty has increased by 11 per cent.

Metals X has announced encouraging production results at its Nifty copper mine in the Pilbara.

The company improved production at Nifty and its half-owned Renison tin project in Tasmania by 11 per cent each during the December quarter.

The news at Nifty is particularly welcome for Metals X, given production was halted for a period in August 2017 for repairs.

Nifty copper production was 5,177 tonnes in the December quarter, compared to 4,678t in the September quarter, and the copper grade increased from 1.30 per cent to 1.47 per cent.

The company acquired Nifty from Aditya Birla Minerals in August 2016.

In July 2018, Metals X raised $50 million via an institutional placement, with the proceeds going towards Nifty.

In November, the company appointed Damien Marantelli as its new managing director, replacing Warren Hallam.

Chief operating officer Allan King also left the company, while Russell Cole became the new general manager of Nifty.

The company said the personnel changes were part of its focus in the short to medium term to accelerate underground mining at Nifty.

In today’s announcement to the ASX, Metals X said the underground development rate at the mine increased from approximately 350 metres a month during the September 2018 quarter, to greater than 500 metres per month during the December 2018 quarter.

Renison tin production increased from 1,616t to 1,798t during the December quarter, which the company said was driven by increased mined grade and operation of an ore sorter.

Metals X and China-based Yunnan Tin Group own the Renison project through a 50-50 joint venture called Bluestone Mines Tasmania.

It is the largest operating tin mine in Australia, with a current mineral resource of 15 million tonnes.

Shares in Metals X were down 1.2 per cent to trade at 40 cents each at 12.45pm AEDT.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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