Minmetals Resources Limited (HKEx stock code 1208) today announced its Second Quarter Production Report for the three months ended 30 June 2011. The report covers the Company’s operations in Australia and Laos.
Highlights from Minmetals Resources Limited (MMR) for the second quarter included:
- Safety improvements continue with total recordable injury frequency rate down from 4.5 to 4.2 over the quarter.
- Zinc and/or copper production year to date is at or ahead of the same time last year at Century, Sepon and Rosebery.
- Record monthly copper cathode production at Sepon in June of 7,035 tonnes.
- MMR’s operational team has been enhanced with Marcelo Bastos starting as Chief Operating Officer and new General Manager appointments at Sepon and Golden Grove.
- Successful completion of US$500 million equity placement in April significantly enhanced the institutional presence on MMR’s register.
- Cash from the equity raising and the sale of MMR’s 4.2% stake in Equinox Minerals leading to the repayment of approximately US$700 million of loans, strengthening MMR’s balance sheet for further growth.
- Exploration drilling success continues to expand the mineralised zones at Sepon, Golden Grove and Rosebery as well as confirming a new discovery at High Lake East in Nunavut, Canada.
- While MMR’s second quarter was an improvement on the first quarter, some residual effects were still felt.
“Overall, we expect a stronger second half as the issues experienced earlier this year recede,” said MMR Chief Executive Officer Mr Andrew Michelmore.
MMR’s exploration team continued to make excellent progress toward the long term strategy of more than replacing reserves and resources consumed by mining as well as discovering deposits that can be included in the Company’s internal growth pipeline.
“We’re seeing exciting drilling results at Sepon, Golden Grove and Rosebery that are both adding to and extending the known footprint of these deposits,” said Mr Michelmore.
“This work will generate information that will add new tonnes to the next reserve and resource statement to be issued in early 2012.”
MMR’s greenfield exploration program has built a full portfolio of early stage projects around the globe and is now seeking to add more advanced stage projects.
Please see the attached full report for more detail or visit www.minmetalsresources.com or www.mmg.com
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