Renison re-commissioning: commissioning of plant on water completed by the end of the quarter. Currently ramping up and expected to reach full capacity in the ensuing quarter.
Immediate exploration success:
Renison underground exploration delivered excellent early success, encountering high grade tin and copper mineralisation over considerable widths outside the existing Resource and Reserve. Best result was
5.18m @ 23.07% Sn (uncut) from 68.82 meters in hole U3901.
Royalties down on lower price and production:
A$1.18 million down from A$1.65 million in the previous quater due to poor production from Mt Keith, lower nickel price and an appreciation of the Australian dollar.
Cash A$58.9 Million: Metals X closed the quarter with cash of $58.9 million and has no corporate debt.
The Renison Project is forecast to produce 7,500 tonnes of tin metal and 1000 tonnes of copper for the 2008-2009 FY, which has been revised down due to delays experienced in the final stages of commissioning late in June.
Production once ramped up will produce 8,500-10,000t of Sn metal per annum via a blended feedstock sourced from underground mining at Renison and open pit mining at Mt Bischoff. At the end of the quarter ore stock available for processing was 28,700 tonnes @ 1.03% Sn.
MLX Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)