28/10/2013 - 11:08

Tiger boosts copper production guidance

28/10/2013 - 11:08

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Tiger Resources has increased its production guidance at its Kipoi copper project in West Africa by 85 per cent for the 2014 financial year on the back of a record quarter of production.

Tiger boosts copper production guidance
Tiger Resources' Kipoi mine in the Democratic Republic of Congo.

Tiger Resources has increased its production guidance at its Kipoi copper project in West Africa by 85 per cent for the 2014 financial year on the back of a record quarter of production.

Tiger now expects to produce 39,000 tonnes of copper in concentrate at its stage one heavy media separation plant in FY14, up from its previous guidance of 21,000t.

The company maintained its guidance for the plant's average operating cost of 30 cents per pound of copper produced. 

Tiger produced 12,123t of copper in concentrate at the Kipoi project in the Democratic Republic of Congo for the September quarter, generating a record cash operating profit of $27.7 million for the quarter.

The company earlier this month announced it had lined up $US50 million in funding towards construction of the stage two solvent-extraction electro-winning plant at the Kipoi project under a proposed offtake arrangement with commodity trader Gerald Metals.

Under the arrangement, Gerald will provide a $US50 million advance payment in exchange for 100,000t of copper cathode from the stage two plant.

The plant is currently under construction and scheduled for commissioning in the second quarter of 2014.

Tiger shares were almost 4 per cent higher at 39.5 cents at 11:05AM WST.

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