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African Copper ends year muted, expects strong start to new financial year

African Copper ends year muted, expects strong start to new financial year

Photo by Reuters

25th April 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – London- and Botswana-listed African Copper said it expected to start the new financial year on a stronger footing after operational and equipment challenges during the fourth quarter of the year set delivery back.

After achieving higher production volumes for the first half of its 2014 financial year, the copper production and exploration company experienced a marginal quarter-on-quarter rise in copper in concentrate output from 2 499 t in the previous quarter to 2 515 t during the three months to March.

The company attributed the slowdown to frequent breakdowns of the mining contractor's equipment, which resulted in low levels of waste stripping needed to expose high-grade Thakadu ore, while torrential rains during the quarter hampered the delivery of ore transported from Thakadu to Mowana for processing, which, in turn, impacted plant use and throughput.

The slower output was, however, offset by higher-grade ore from the Thakadu pit during January and March, and improved recoveries compared with the previous quarter.

Full-year production of saleable copper-in-concentrate increased for the third consecutive year, reaching 9 951 t, a rise on the 9 496 t delivered during the prior year.

African Copper expected to report more stable operations and an increase in mining productivity during the first quarter of the new financial year, after the engagement of mining contractors Diesel Power, who started mining in April.

“We are pleased with the mobilisation efforts of our new mining partner Diesel Power and are looking forward to progressive increases in mining tonnages at Thakadu. With stable delivery of good-quality Thakadu ore, the Mowana processing operation is well positioned to increase throughput and production levels in the coming quarter and new fiscal year,” African Copper acting CEO Jordan Soko concluded.

Edited by Creamer Media Reporter

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