29Metals’ Golden Grove copper-zinc mine in Western Australia was a highlight of the company’s March quarter.
Copper and zinc production stood at 5.8 thousand tonnes (kt) and 4.7kt respectively. 29Metals also saw continued improvement in development advance rates at the Xantho Extended orebody.
“At Golden Grove, record development rates and paste fill achieved at the Xantho Extended orebody in the March quarter positions the asset well for the balance of the year,” 29Metals managing director and chief executive officer Peter Albert said.
“We are of course very encouraged by the recent strength in metal prices at a time of ongoing improvement in operating performance at Golden Grove.”
29Metals has made the decision to suspend production at the Capricon Copper mine in Queensland, with regard given to dewatering constraints at Esperanza South due to an increase of on-site water levels after an extended period of rainfall.
“The decision to suspend operations at Capricorn Copper was difficult, especially after the commitment and hard work by the team to bring the mine back into production,” Albert said.
“However, the suspension of operations best preserves group liquidity and allows time to establish the key enablers for a successful and sustainable future restart of operations.”
The key enablers for a restart of production at Capricorn Copper include the sustainable reduction of on-site water inventory, the reinstatement of a water treatment facility, and certainty of long-term tailings capacity.
Unaudited available cash at 31 March 2024 was $106 million.
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