Finders reports record copper cathode production, sales
Monday, July 31 2017 - 03:46 AM WIB
ASX-listed Finders Resources Ltd announced Monday record copper cathode production of 6,804 tons with record sales of 7,419 tons at an average realized price of US$2.60/lb Cu in the quarter ending June of this year.
In comparison, copper cathode produced in the first quarter ending March was at 6,125 tons, while sales volume reached 7,153 tons.
The company said in a statement that during the quarter, over 50 percent of the copper shipped was sold as LME Grade A Cathode at a premium to the LME copper price. The balance was sold as Standard Grade Copper at or around the LME copper price.
The C1 cash cost for the quarter was $1.02 per pound of copper produced and the AISC cost was $1.33 per pound of copper produced, which has benefited from modest levels of capital and exploration expenditure during the first half of this year.
Project EBITDA for the quarter was $22.5 million. Copper cathode as finished product (produced but not sold) at quarter end was 1,729 tons. This copper cathode is either at site awaiting shipment, in transit to Surabaya (the major export port) or at Surabaya, East Java. This copper is worth $10.3 million based on the LME copper price as at June 30, 2017.
Finders operates two copper cathode solvent extraction and electrowinning (SX-EW) plants on Wetar Island, Muluku Province, each with capacity of 3,000 tons per annum, and 25,000 tpa.
Finders said performance of the 3,000 t.p.a. SX-EW plant improved during the quarter and this is trend expected to continue commensurate with the completion of the refurbishment projects during the second half.
The company said the 25,000 t.p.a. SX-EW plant and the neutralization plant continued to perform well. The SX-EW plant is now operating consistently above nameplate. Ongoing enhancement programs to the design and operation of the plant to improve consistency will continue throughout the remainder of the year.
Editing by Reiner Simanjuntak