STRAITS RESOURCES LIMITED Quarterly Activities Report
For the period ended September 2015
About Straits Resources
Straits Resources Limited (ASX: SRQ) is an established copper producer and developer with multiple mines and a 1.6 Mtpa copper concentrator at its Tritton Copper Operations in New South Wales, Australia.
In FY2015 Straits' Tritton Operations achieved record production of 30,245 tonnes of copper metal exceeding the previously upgraded guidance for FY2015 of 28,500 tonnes. Forecast copper metal production in FY2016 is 28,000 tonnes.
The Company also has an exciting portfolio of highly prospective exploration projects creating a pipeline for future growth, including advanced projects at its Tritton Operations.
Straits' Board and Management team is experienced in all aspects of mining and corporate development.
Straits has a clear vision to become a mid-tier, multi-operation company - delivering shareholder value through an unwavering focus on operational excellence.
Contacts:
Andre Labuschagne Executive Chairman
Suite 21, Level 2 HQ South Tower 520 Wickham Street Fortitude Valley QLD 4006
T +61 7 3034 6200
F +61 7 3034 6290
i nfo@straits.com.au www.straits.com.au
SEPTEMBER QUARTER HIGHLIGHTS
Operations:- September quarter copper production of 7,183t
- 12 month TRIFR levels have fallen to 21, an all-time low for Tritton Operations
-
Tritton Deeps drilling program Phase 1 completed and Phase 2 commenced
Corporate: - Straits signed binding agreements with Standard Chartered Bank (SCB) and Special Portfolio Opportunity V Limited (PAG SPV) to restructure existing SCB debt and provide working capital through a Revolving Priority Debt Facility with PAG SPV
- Temora and Currumburrama exploration projects sold to Sandfire Resources NL for A$2.5 million (payable in Sandfire shares)
Straits Resources Limited ABN 30 147 131 977
Suite 21 Level 2, HQ South Tower, 520 Wickham Street, Fortitude Valley, QLD 4006 P +61 (7) 3034 6200 | F +61 (7) 3034 6290 | info@straits.com.au www.straits.com.au
There were no lost time injuries during the quarter.
The total recordable injury frequency rate (TFIFR) has fallen to 21, continuing the substantial improvement over the past two years. Straits continue to prioritise the safety of its work force and aim to sustain this rate of improvement through a focus on improving safe behaviours.
PRODUCTION
Production for the September quarter was 7,183 copper tonnes, an increase on the previous quarter and in line with the mining plan.
Ore processing performance decreased compared to previous quarters achieving 397,798 dmt of ore milled.
The processing plant experienced a crusher failure during September. The failure had been anticipated sometime in the first half of FY16 and the remedial plan was initiated. The remedial plan included the use of a mobile crusher as a temporary replacement feeding through to the ore handling system, allowing crushing production to continue at close to normal rates. The crusher was off line for three (3) weeks. The shutdown of the crusher provided the opportunity to bring forward from November a planned shutdown to replace bearings on the SAG mill.
Overall, the Processing Plant was down for 6.5 days in September as a result of the crusher repairs and SAG mill maintenance brought forward.
Copper recovery at 93.97% was lower than previous quarters, impacted by a temporary minerology change in ore mined during quarter.
Tritton Production Statistics | ||||
SEP 2014 QTR | DEC 2014 QTR | MAR 2015 QTR | JUN 2015 QTR | SEP 2015 QTR |
MINED TONNES 381,592 426,149 402,049 413,039 430,244
GRADE Cu (%) 1.73% 2.05% 2.14% 1.82% 1.88%
ORE MILLED TONNES 420,932 408,473 404,169 407,909 397,798
GRADE MILLED Cu (%) 1.75% 2.03% 2.17% 1.81% 1.91%
RECOVERY Cu (%) 94.52% 94.92% 94.83% 94.22% 93.97%
COPPER CONCENTRATE PRODUCED
TONNES 28,875 32,330 34,157 28,005 30,210
COPPER CONCENTRATE GRADE
Cu (%) 24.10% 24.30% 24.31% 24.77% 23.58%
CONTAINED COPPER IN CONCENTRATE
TONNES 6,959 7,858 8,304 6,938 7,123
COPPER CEMENT PRODUCED
TONNES 53 46 48 39 60
TOTAL COPPER PRODUCED
TONNES 7,012 7,904 8,352 6,977 7,183
COSTS
C1 unit cash costs for the quarter of A$2.39/lb were lower than the previous quarter, influenced by higher copper production and lower unit costs for mining and TC/RC's and product handling.
$3.00
Tritton C1 Cash Cost (A$/lb)$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
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