Aeris Resources (ASX:AIS) has beaten its FY19 copper production target by nearly 10 per cent.

The junior producer revealed today that it had produced 26,852 tonnes, but had only expected to deliver 24,500 tonnes.

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This was largely thanks to higher copper grades at the Tritton and Murrawombie underground mines.

Full-year C1 cash costs, meanwhile, came in at $2.78 per pound — the lower end of Aeris’ target of $2.75 to $2.90 per pound.

However, all in sustaining costs (AISC) — that is, costs including all expenses — were higher for the full year at $3.43 per pound compared to $3.31 per pound in FY18.

June was again Aeris’ best quarter with production of 7,362 tonnes at a C1 cash cost of $2.47 per pound.

Investors were pretty happy with the numbers, pushing shares up 4.6 per cent to 7c on Wednesday morning.

The solid fiscal year result has allowed the company to reduce its debt burden by $US20m ($28.5m) to around $US30m.

Aeris has paid off more than $US100m worth of debt since the start of 2013.

By the end of the June quarter, the company had topped up its kitty to $26.6m — an increase of $2.7m on the previous quarter.

Aeris is sticking with its copper production target of 24,500 tonnes for FY2020, but expects a higher C1 cash cost of between $2.80 and $2.95 per pound.


In other ASX base metals news:

Venturex Resources (ASX:VXR) jumped over 8 per cent to 20c this morning on news it had intersected significant intervals of high-grade zinc, lead and silver mineralisation at the Breakers prospect in WA. Drilling delivered grades of up to 10.74 per cent zinc, 4.40 per cent lead and 23.69 grams per tonne silver.
Superior Resources (ASX:SPQ) has been granted a new exploration permit to further investigate the Big Mag magnetic feature at its Greenvale project in Queensland. The news sent shares up 14.3 per cent to 0.8c. Superior says the Big Mag target is prospective for nickel-cobalt and copper-gold mineralisation and is largely unexplored.
White Cliff Minerals (ASX:WCN) has struck a deal to sell its Aucu copper-gold project in Kyrgyzstan to Pangea Gold Corporation for $US1.8m. This will free the junior up to focus on its WA nickel-cobalt projects.
Pacifico Minerals (ASX:PMY) shares went on a run today on positive metallurgical test results from its 75 per cent owned Sorby Hills lead, silver and zinc project in WA. The company said flotation recoveries were higher than the recent pre-feasibility study. Results delivered up to 96 per cent lead and 95 per cent silver recoveries from fresh ore and up to 91 per cent lead and 95 per cent silver recoveries from oxide ore. Cleaner flotation testing confirmed a final concentrate grade of 65 per cent lead could be produced. Shares rallied 14.3 per cent to 0.8c.
Prodigy Gold (ASX:PRX) has intersected more copper and cobalt, as well as a “promising” new prospect, at its Lake Mackay project in the Northern Territory. Three holes drilled delivered 11m at 1.15 per cent copper, 10m at 0.98 per cent copper and 14m at 0.84 per cent copper. Copper mineralisation extends for over 250m at the Phreaker prospect, while a cobalt and nickel enriched layer was intersected at the Grimlock prospect, where up to 0.42 per cent cobalt was recorded.