MMG reported zinc output in the June Quarter was up 28% on the previous quarter to 178,979 tonnes of zinc in zinc concentrate in the release of its June 2010 Quarterly Production Report. This strong production was the result of solid performance at Century and a planned zinc campaign at Golden Grove during the period. As a consequence, lead production was up 50% on the previous quarter to 12,851 tonnes of lead in lead concentrate.
At Sepon, copper cathode production was steady at 17,063 tonnes, a record second quarter following commissioning of the second copper plant autoclave in 2009 and gold production was up 15% to 29,258 ounces after investigations identified and removed hold ups in the gold circuit.
Chief Executive Officer Mr Andrew Michelmore said that the Quarter had been characterised by solid production results, increased exploration activity and the progression of several near mine growth projects.
“Just one year on from forming MMG we have established the base to realise our vision to build the next generation’s leading global diversified minerals and metals company,” said Mr Michelmore.
“The June Quarter’s production results see us on track to meet annual guidance demonstrating our ability to effectively and efficiently run these operations with the support and backing of our shareholder, China Minmetals Corporation.”
“Our focus for the remainder of 2010 is to continue delivering these solid results, locking in efficient business practices and identifying growth opportunities both in Australia and internationally.
Highlights from MMG’s June Quarter included:
- Recommencement of the Feasibility Study into expansion of Golden Grove with a copper open pit to supplement current underground operations. When approved the pit will produce approximately 240,000 tonnes of copper concentrate containing 59,000 tonnes of copper metal from 2011 to 2014.
- High grade intersections from exploration drilling at the Gossan Valley prospect near Golden Grove with highlights including 36 metres at 17.3% zinc and 12 metres at 3.9% copper.
- The Sepon exploration budget was boosted by US$10.8 million to allow for continued drilling following the exciting gold and copper oxide results reported last quarter.
- Fifteen Indigenous youths from Queensland’s lower Gulf of Carpentaria communities commenced apprenticeships and traineeships at Century after graduating from the Pre-Apprenticeship Course. Nine young people from Normanton and Karumba also commenced apprenticeships and traineeships at the mine’s Port facility.
- Seven Indigenous youths from West Australia’s mid-west region completed the Bayalgu Indigenous Pre-employment Training Program at Golden Grove.
- Dividend payment of US$14.4 million made to the Lao Government.
- Environmental sampling program continued at Rosebery with final results to be presented to stakeholders in late August.
- Commencement of drilling work at Avebury to support a technical review on the underground nickel mine currently on care and maintenance.
Please see the full report at http://www.mmg.com/pages/939.aspx for more detail.
A media teleconference will be held at 11.00am (AEST) today, Monday 26 July 2010, during which Chief Executive Officer Mr Andrew Michelmore will review the results and take questions. For details or enquiries please contact:
T +61 3 9288 0850 / +61 417 144 524
T +61 3 9288 0996 / +61 400 481 868