Altona Mining: Outokumpu Meets Production Guidance in First Full Year
(firmenpresse) - Altona Mining: Outokumpu Meets Production Guidance in First Full Year
JUNE QUARTER PRODUCTION
Copper in concentrates 1,809 tonnes
Gold in concentrates 1,822 ounces
C1 cash cost US$2.23/lb of payable copper
Production - The June quarter copper production for the Outokumpu Project was lower than the previous quarter due to lower ore volumes and the planned stoping sequence in lower grade ore.
Guidance increased - Annual production guidance for FY2014 has been increased to 7,600-8,400 tonnes of copper, 8,000-9,000 ounces of gold at a C1 cash cost of US$1.70-1.85 per pound. The first full year of production exceeded initial guidance and met subsequently upgraded guidance.
C1 Cash costs - C1 cash cost of US$2.23 per pound of payable copper was above the FY2013 average of US$1.69 per pound. Lower gold credits and production volumescontributed to the performance. Costs are expected to return to lower levels next quarter.
Cashflow from operations - Operating cashflow was A$3.0 million after capital expenditure.
Cash on hand - A$26.1 million plus receivables from concentrate sales of A$5.0 million at 30 June 2013. Cash is up ~15% from the March quarter of A$22.6 million.
Outokumpu drilling - A number of high grade intercepts have been returned from the Wallaby-Wombat gap area and are expected to add to resources and reserves:
13.4 metres at 4.7% copper, 0.8g/t gold
14.8 metres at 4.0% copper, 1.2g/t gold
11.3 metres at 4.6% copper, 0.9g/t gold
11.0 metres at 16.1g/t (gold uncut)
Roseby partnering - Discussions with various parties to either sell, partner or finance the Little Eva project have yet to deliver an offer acceptable to Altona. The Company has reduced activities at Roseby whilst the process continues.
Please follow the link to view the full report:
http://www.altonamining.com/static/uploads/documents/1240379.pdf
ABOUT ALTONA
Altona Mining Limited (ASX: AOH) is an international base metals producer with a focus on copper.
The Company has two main assets:
The Outokumpu Project in south-east Finland comprises an underground decline mine and processing plant. Production commenced in 2012 and averages 8,000tpa of copper, 8,400ozpa of gold and 1,600tpa of zinc.
The Roseby Copper Project near Mt Isa in Queensland has a resource containing 1.52Mt of copper and 0.38Moz of gold. A Definitive Feasibility Study has been completed for a 7Mtpa open pit copper-gold mine and concentrator at Little Eva.
Shares on issue: 528,992,704
Options on issue: 1,365,000
Share rights on issue: 9,677,749
Cash on hand: A$26.1M
Market capitalisation at 16.5 cents per share A$87M
Altona Mining Limited
Ground Floor, 1 Altona Street
West Perth
Western Australia 6005
T: +61 8 9485 2929
E: admin(at)altonamining.com
W: altona(at)altonamining.com
Leseranfragen:
Datum: 29.07.2013 - 11:25 Uhr
Sprache: Deutsch
News-ID 282408
Anzahl Zeichen: 3215
contact information:
Town:
Wien
Kategorie:
Business News
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