Polymetals Resources’ Endeavor silver-lead-zinc mine in New South Wales has reached a key operational milestone, meeting operating costs after its first full month of production.
Endeavor has produced 5398 dry metric tonnes of silver-lead and zinc concentrates during the month of July and has agreed to a $11.60 million pre-payment with its offtake partner.
The zinc concentrate will be transported from site in mid-August, with the first shipment scheduled for early September.
The milestone follows the commissioning of the Endeavor processing plant being successfully completed in June.
“Polymetals is proud to report the successful redevelopment of the Endeavor mine, now able to meet operating costs from cash flow within just twelve months of its acquisition – a huge and rewarding task,” Polymetals executive chairman Dave Sproule said.
“With operations now self-sustaining, the focus shifts to optimising both mining and milling performance as we move to establishing a consistent long-term and profitable enterprise.
“The board is very pleased that the operation is meeting its outgoings and looks forward to the imminent commencement of mining the high-grade silver ore from the upper north lode which will significantly boost cash flows.”
Polymetals will continue to ramp up Endeavor over the coming months, with the high-grade silver upper north lode now established. The company will commence mining at the upper north lode in August.
Situated near Cobar, Endeavor has an expected lifespan of 10 years and is projected to produce 260,000 tonnes (t) of zinc, 10.6 million ounces of silver, and 90,000t of lead.
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