Copper producer CuDeco Limited has begun achieving nameplate throughput rates on a regular basis at its Rocklands process plant near Cloncurry.
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The news comes after the company announced its $22 million Convertible Note transaction is nearing completion.
CuDeco says metal recovery improved significantly throughout March and has continued through April compared to previous months due to an intensive effort from their metallurgical team, combined with improved control and management of reagents.
The re-commencement of mining is resulting in availability of more chalcopyrite-based ores.
Interim Chairman Peter Hutchison said recent executive changes at CuDeco and Rocklands was having a positive impact.
“Our process plant is beginning to show signs of what is achievable under appropriate management, with nameplate throughput rates being achieved on a regular basis,” Mr Hutchinson said.
“We have even seen periods well above nameplate being achieved sporadically which is wonderful news for all concerned.”
Mr Hutchinson said the new executive team, Mark Gregory (CEO) and Jiang Gongyang (COO) were working well with Joseph Skrypniuk (AGM) and other key CuDeco staff to facilitate the critical changes needed to put the project back on track.
“I am very pleased to see so many key performance indicators are now heading in the right direction,” he said.
Mr Hutchinson said mining had been underway for close to a month and high-grade primary ore from the south of the Las Minerale Pit is being delivered to the Mill for processing.
The new mining contractor Andy’s Earthmovers are performing well and working with Rocklands staff to further improve operational outcomes and efficiencies for the project,” he said.
The Convertible Note transaction with Gemstone 101 Ltd, part of the Valuestone Global Resource Fund 1, a new Strategic Investor in CuDeco, is anticipated to be completed before the end of the month.