Matrix sold 1,227 tonnes of copper at a weighted average price of US$3.80/lb (A$4.02/lb - A$8,862/t) for total revenue of US$10.28 million (A$10.9 million).
Cash costs for the quarter were US$2.62/lb (A$2.77/lb) and year to date are US$2.24/lb (A$2.57/lb), these results are in line with previous guidance.
The company remains 100% unhedged.
Expansion of Copper Production from 5,500 tpa to 9,000 tpa Copper Cathode Over the last eighteen months, Matrix has funded, refurbished and commissioned the Leichhardt project. The Stage One Expansion has now increased the processing plant capacity to 9,000 tpa of copper cathode. Commencement of commissioning of the expanded plant was announced to the ASX on 15 July 2008.
Stage Two Expansion Study – Life Extensions
Work continued on the Stage Two Life Extension Study. A re-estimated resource was provided by Golder Associates covering the strike and deeper extensions of Mt Watson as well as the current mining and this is discussed below.
MRX Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Not Held
