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First shipment for Lady Annie

Rebecca Lawson
Wednesday, 10 October 2007

COPPERCO expects revenue from the sale of copper cathode produced at its Lady Annie project in north-western Queensland to be up to $11 million, as first shipment begins to the world's largest commodity trader.



CopperCo said some 72 tonnes of copper cathode was produced over the weekend and the first shipment was sent to Townsville for sale to Glencore International, as per the offtake agreement.

The copper miner expects to produce, ship and sell some 1350t of copper cathode in October, and production will be ramped up to 1600t per month thereafter.

The project's solvent extraction and electrowin (SX-EW) plant is being ramped up to produce 19,000 tonnes per annum.

At current spot copper prices - which last traded on the London Metal Exchange at $US7995 per tonne - CopperCo expects October revenue to be between $A10.5 million and $11 million.