ENP Newswire -
Release date- 15082014 -
Year to Date:
Year to Date production of 1,623 tonnes copper in concentrate and 131,337 ounces silver concentrate
Year to Date revenue of
Cash at the end of the Quarter of
Dikulushi Underground mining ramping up - revised production target of between 6,000-7,000 tonnes copper in concentrate for 2014
Underground Resource definition drilling supports extension of Dikulushi Underground mine life
Kapulo construction activities accelerated - commissioning expected Q4 2014
Kapulo Mineral Reserve update now expected Q4 2014
Year to Date and Q2 2014 results conference call - Tuesday 19,
The Company advises of an impairment of
The impairment is a non-cash item and reflects recent actual and updated assumptions against a feasibility study which is over three years old. The Kapulo project will not be impacted operationally by this impairment. The Company remains confident that the residual capital cost and commissioning targets for Q4 2014 for the Kapulo project will not be impacted.
A Mineral Reserve update for the Kapulo project, supported by a NI 43-101 Technical Report, is now scheduled for release in Q4 2014. Company Chairman,
Financial Year to Date
C1 cost per pound of
Copper sales of 1,812 tonnes of copper in concentrate (Q2 674 tonnes of copper in concentrate)
The Dikulushi underground mine continued to ramp up during the Quarter. Advances in level drive development were partially impeded by challenging ground conditions in localised areas of the 790RL and 770RL combined with the delay to the installation of the primary ventilation circuit during the Quarter. Adjustments to mining strategies have been made to accommodate ground conditions.
As a consequence, the Company has revised its production guidance to be between 6,000 - 7,000 tonnes of copper in concentrate for 2014 and its C1 cost guidance to range between
Production for the Quarter totalled 744 tonnes of copper in concentrate and 65,474 ounces of silver in concentrate. A total of 36,425 tonnes of ore, at a head grade of 2.71% copper and 68 g/t silver, was processed, sourced from both underground and low grade stockpiles. Year to Date production totalled 1,623 tonnes of copper in concentrate and 131,337 ounces of silver in concentrate. A total of 87,616 tonnes of ore, at a head grade of 2.43% copper and 57 g/t silver was processed.
Mawson West Chief Executive,
Construction activities at the Kapulo project continued during the Quarter, with cumulative construction expenditure totalling
The grinding, flotation and thickening circuits continue to advance in line with the target to commence commissioning in Q4 2014. Construction of the tailings dam and water supply systems have also continued and it is expected that pre-stripping and initial mining activities will commence late in Q3 2014.
The Kapulo Mineral Reserve update is scheduled for release in Q4 2014. Studies to date have resulted in an impairment charge of
'Development of our Kapulo project is advancing at a rapid pace following the execution of an offtake agreement and prepayment facility with
Exploration and Resource Definition
During the Quarter, a total of
Drilling from underground targeting upgrades to the Dikulushi Mineral Resource continued during the Quarter. Results to date indicate Inferred Mineral Resources may convert to higher confidence categories at similar widths and grades.
Near-mine exploration at Dikulushi targeted a number of prospects during the Quarter.
Mr. Mark Hohnen and Ms.
Chief Executive Officer and Managing Director
Tel: +61 8 9485 9800
Chief Financial Officer
Tel: +61 8 9485 9800
Tel: +61 2 8999 1010
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