Highlights
- Austral is on track to produce 10,000tpa from its
- Mining and grade control to date, has confirmed the Resource model tonnage estimates are within 2% of the contained metal value.
- Mining is ahead of schedule by 680,000 BCM's, representing a 12% increase on the original mining schedule.
- Road Haulage is on track and within 3% of the original haulage schedule tonnage.
- Drill and Blast program is 11% ahead of schedule.
Operations
Whilst copper cathode production was below our initial forecast, mining remains ahead of schedule with a total of 6,485,777 BCM mined, representing a 12% increase on the planned mining schedule of 5,806,912 BCM.
Production has also been impacted by the ongoing effects of COVID-19 related staff absenteeism and lengthy interruptions in our supply chain.
Following some initial down time issues with the crushing and stacking infrastructure, post an extensive refurbishment campaign we have now achieved a steady state crushing and stacking operation having achieved a daily average of 6,900t in the past 7 days, compared to the modelled 5,000t per day.
A significant mid-year rain event which recorded more than 80mm of rain impacted production, processing and stacking. The rain caused delays in processing with the main issue being contaminates and solids in the copper processing solution.
Of importance is that Austral, in partnership with Thiess, have pushed ahead and increased the mining schedule to de-risk the mining operation in anticipation of an extended wet season.
Exploration
As announced to the market on
Austral's Managing Director and CEO,
"Austral's copper cathode production estimate has been pushed back following the delays we have incurred. The key takeaway is we are still on track to produce 10,000 tpa for FY23. Mining is ahead of schedule by 12%. Haulage is within 2% of the original haulage schedule and our ROM pads are at full capacity with ore waiting to be crushed and leached. We will endeavour to make this production up over the next 12 months.
"We are on track to produce over 1,000t of copper cathode per month this year, albeit later than originally expected.
"Off the back of our recent equity raise, Austral can fast track our drilling campaign, focusing on the areas in and around Anthill, continue drilling around our multiple target areas including
"We look forward to updating the market with further developments over the coming weeks."
About
Austral owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt at 0.7% Cu and 1,940km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company is implementing an intensive exploration and development programme designed to extend the life of mine and increase then review options to commercialise its copper resources.
Contact:
Investor and Media Relations Manager
T: +61-405-555-618
E: jm@janemorganmanagement.com.au
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