(PRODUCTION AND COSTSThe focus for the quarter continued to be on accelerating mine development, bedding down the new mining operations team, implementing new daily and weekly planning systems, improving secondary ventilation and commissioning the dry tailings paste fill system. Once critical stope voids were filled, the paste reticulation system was taken down and rebuilding commenced; much of the paste reticulation system had not been updated or replaced in over 10 years.Nifty remains ahead of planned budget for development in the quarter, achieving a total of 1,862 metres compared to a planned 1,736 metres. Development for July 2019 was a record 730 metres, with August and September on budget at 580 and 550 metres respectively.Ore mined for the quarter was 245,523 tonnes (previous quarter 273,256 tonnes) at a grade of 1.25% Cu (previous quarter 1.45%). The lower grade was due to stoping within the central mining zone to compensate for delays in bringing the western stopes on line.The mill operated for 41 days during the quarter, processing 290,496 tonnes of ore at an average grade of 1.29% Cu with production of 3,425 tonnes of copper in concentrate (previous quarter 207,874 tonnes at 1.58% Cu for 3,072 tonnes of copper).Recovery for the quarter was 91.6% recovery (previous quarter 93.3%) with lower recovery due to the lower grade of ore fed to the plant.The highlight of the processing campaigns during the quarter was the steady increase in copper concentrate grade as improvement initiatives were implemented in the plant. The average grade of concentrate for the quarter was 26.1% Cu (22.1% Cu average grade in the previous quarter). The net benefit of each 1% increase in concentrate grade is approximately $0.8 million due to an increase in copper payable and a reduction in transport and treatment charges.For the September quarter, paste costs of $3M have been allocated to Mining (previous quarter the paste costs of $2M were allocated to processing), explaining some of the variance in C1 cash costs in Table 3)
Im guessing there not quite there yet based on above. There still seems to be a fare bit of infrastructure works. The mill production 41 days out of 92 day quarter( would they have achieved twice the output).
I am happy to hold based on the performance of Renison.
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