smc getting into stride in chile SMC getting into stride in Chile
Andrea Hayward
Thursday, November 25, 2004
SMC Gold doubled its monthly copper production during October at its Chilean operations, shipping 817 dry metric tonnes of copper concentrate worth $595,000.
Managing director Rob Kidd said that now the company had demonstrated its capacity to produce at a consistent rate, it would start to improve the concentrate grade as it upgraded to 1500 tonnes per day. The concentrate produced in October graded an average 18.73% copper, 5.57gpt gold and 160.85gpt silver
"This is an excellent results given we have been working on the plant whilst producing concentrate," he said.
SMC has made various investments in Chile during 2004, acquiring the Punitaqui and Cinabrio gold and copper mines plus processing plant at a total cost of around US$11.8 million – due in staged payments over the next few years.
The company also has an option to purchase the Chilpe gold project in Chile at a cost of US$2 million, and mines modest amounts of gold at its Charters Towers operations in Australia.
Shares in SMC were off 0.5c to 10.5c in afternoon trade.
SMO
smc gold limited
