"In order to achieve the production objective, activities have been focused on opening up additional underground stoping areas and utilising the existing 40% spare capacity in the processing plant which presently runs on a campaign basis of two weeks on and one week off. The priority for the quarter continued to be the re-establishment of underground mine development and long hole drilling in order to access and bring on line new stoping areas to facilitate the ramp-up of production, which had been significantly slowed in prior years. The objective is to have six main production stopes on line at any one time, which is equivalent to approximately 3 million tonnes of available production."
"Figure 1 shows the Nifty underground mine ‘checkerboard’ (stope and fill mining area) and the stopes that are currently on line (Stopes 2, 4 and 5) which have a combined tonnage of approximately 0.9 million tonnes. During the December quarter an additional four stopes are expected to come into operation (stopes 1, 3, 6 and 7) which will have an additional combined tonnage of approximately 2.4 million tonnes. Drill stocks also have been significantly increased during the quarter, from approximately 80kt at the end of June 2017 to over 240kt at the end of the September quarter."
In conclusion, from the above information, taking advantage of the current price, in the previous quarter, price achieved was $8020/AUD/t currently $9000 ish. Moreover, the quarterly will "look" even better as of the 3195 t produced, only 91 t was sold. Also, there will be an uptick in grade due to mining of the new stopes. This is the turn around quarter, IMO. DYOR.
MLX Price at posting:
$1.11 Sentiment: Buy Disclosure: Held
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