Base metals: Aeris produced more copper than expected in FY19
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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.
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.
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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.
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