Anvil positives
Chris Cann
Wednesday, October 05, 2005
PREVIOUSLY forecast results for the September quarter at Anvil Mining's Dikulushi copper-silver mine in the Democratic Republic of Congo have combined with positive news from its Kulu copper project to generate positive market sentiment.
Shares in Anvil rose from 49c to 54.5c around midday today after the company announced 5777 tonnes of copper and 586,875 ounces of silver were produced in the recent quarter (from 120,822t of processed ore). Around 80,000t of ore was processed in both the previous two quarters.
The increased production follows the "full re-accessing" of the main ore body and the commissioning of the second ball mill in the second quarter.
The plant ran at an average throughput of 1313t per day during the third quarter, reflecting an annualised rate of 22,500t of produced copper.
Anvil simultaneously announced that production at its Kulu project, also in the DRC, was due to start ahead of schedule.
Production was previously predicted for years end but will begin in late November thanks to the rapid erection of the re-used HMS plant from Dikulushi, which is 70% complete.
President and chief executive Bill Turner told MiningNews.net the recycled plant would also reduce development costs from a previously estimated $US10 million to around $US6 million.
The mining of coarse tailings from the Kulu deposit is seen by Anvil as a "relatively simple" operation.
Mining started on September 22 and so far 18,000t of ore have been stockpiled near the plant.
"Given the good performance of the Dikulushi mine in the third quarter and despite the problems associated with the backlog of waste removal and the inability to access the main ore body that occurred in the first half of the year, with the Kulu mine coming on stream, we maintain our 2005 targeted production of 20,000t of copper and 1.6 million ounces of silver," Turner said.
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