re: Ann: June Quarter 2009 Activities and Cas...
27 July 2009 Quarterly Report for the three months ending 30 June 2009 Phu Kham Copper‐Gold Operation, Laos • Production for the June quarter was 47,282t of concentrate containing 10,760t copper for total first‐half 2009 production of 23,910t copper. In addition, by‐products comprising 10,523oz gold and 86,136oz silver were produced during the June quarter • Production in July has recovered strongly after June quarter performance was adversely impacted by unplanned process plant stoppages, lower recoveries and lower ore processing rates • Recovery rates have improved significantly in July and increased copper production is anticipated through the second half of 2009 as further recovery improvement initiatives are implemented together with scheduled higher ore processing rates and higher ore grades • Cash costs (C1 ‐ net of by‐product credits) peaked during the June quarter for an average of US$1.15/lb reflecting lower copper production for an average of US$0.91/lb for the firsthalf of 2009 • 2009 production guidance has been revised to 60,000t of copper (±5%) in concentrate at an average cash cost of US$0.85/lb Growth Projects Ban Houayxai Gold‐Silver Project, Laos • Final phase of feasibility study drilling 88% complete; drilling results have extended the known mineralisation along strike to the northwest and south, and at depth Puthep Copper Project, Thailand • 33% increase in Measured/Indicated Mineral Resource Corporate • Successful Equity Offer raises A$143 million through an institutional placement, and institutional and retail entitlement offers • Goldman Sachs JBWere US$80 million subordinated debt facility retired • Guangdong Rising Assets Management agree to invest approximately US$170 million to acquire a 19.9% interest in PanAust • Through the improvement in the price of copper and the delivery of concentrate since the start of 2009, the Company’s 31 December 2008 provisional pricing liability of approximately US$39.6 million was extinguished by mid‐July • Phu Kham Operations made a quarterly operating cash flow contribution of US$26.0 million1 before a provisional pricing adjustment of US$16 million carried forward from the second‐half of 2008 1 Unaudited financial result
PNA Price at posting:
38.0¢ Sentiment: Hold Disclosure: Held
