Microsoft Word - 160711-June Quarter and FY16 Production Update Final
11/07/2016
JUNE QUARTER AND FY16 PRODUCTION UPDATE
Independence Group NL (IGO or the Company) (ASX:IGO) is pleased to advise provisional production estimates for the June quarter and for FY16, as set out in the following table.
|
Mining Operation
|
Units
|
Actual
|
Guidance Range Full Year(2)
|
|
Q4 FY16(1)
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FY16
|
|
Tropicana (IGO 30%)
|
|
Gold produced (100% basis)
|
ounces
|
95,502
|
448,485
|
430,000 to 470,000
|
|
Gold produced (IGO 30% share)
|
ounces
|
28,651
|
134,546
|
129,000 to 141,000
|
|
Jaguar
|
|
Zinc in concentrate
|
tonnes(3)
|
8,936
|
39,334
|
38,000 to 40,000
|
|
Copper in concentrate
|
tonnes(3)
|
3,234
|
7,411
|
6,500 to 7,000
|
|
Long
|
|
Nickel (contained metal)
|
tonnes(3)(4)
|
2,008
|
8,482
|
8,500 to 9,000
|
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Production estimates are preliminary and may change subject to final assay results.
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As reported in the March Quarter ASX Release
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Contained metal in concentrate, before payabilities.
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FY16 total includes a positive adjustment to the March 2016 quarter production of 34 tonne contained nickel resulting from final assay results.
Tropicana gold production firmly within guidance
Gold production at Tropicana for the June quarter to IGO's account was 28,651 ounces resulting in FY16 production firmly within our guidance range.
The average annualised processing plant rate at Tropicana for the June quarter was a record 6.88 Mtpa with an annualised rate in excess of 7.25 Mtpa being achieved for the months of May and June.
The average grade processed for the quarter was 1.93 g/t and the average metallurgical recovery was 89.3%. Mining volumes in the quarter continued to be high at 7.0 million BCM benefiting from continued higher productivity rates. The average strip ratio in the June quarter was 13 to 1 as cutbacks proceeded in the Tropicana Stage 2 pit. The Life of mine strip ratio remains at 6 to1.
Strong finish to the year from Jaguar
Zinc production at Jaguar was in line with guidance and copper production exceeded guidance.
Copper production at Jaguar benefited from higher copper grades within the quarter at 2.88%, which offset expected lower zinc grades of 7.30%. The annualised mining and processing rates for the quarter were 470,637 and 490,672 tonnes per annum respectively. For FY16, the Jaguar
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processing plant achieved a record throughput rate of 505,578 tonnes. Average zinc and copper recoveries for the quarter were 84.5% and 91.7% respectively.
Great result by Long following production delays in April
Nickel production at Long during the June quarter was 2,008 tonnes resulting in production for the full year of 8,482 tonnes.
Long mined 50,167 tonnes of ore for the quarter at an average grade of 4.00% nickel, which was broadly in line with expectation and the March quarter result. This was a great result by the Long team following production delays in April related to paste fill issues.
For further information contact:
Peter Bradford Managing Director
Independence Group NL Telephone: 08 9238 8300
Joanne McDonald Company Secretary Independence Group NL
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