Copper miner Hillgrove Resources says it exceeded its first quarter copper production guidance for the quarter ending 30 April 2014, lifting its confidence for the coming financial year.
The company also reports achieving record ore and total tonnes mined at its Kanmantoo operation.
“The continued solid performance from the mine and process plant provides confidence for Hillgrove to confirm that its copper production guidance for the coming financial year ending 31 January 2015 of 22,300t to 24,600t copper contained in concentrates remains on track,” the company said.
“The company targeted these continued improvements in performance at Kanmantoo in the operating and cost structures as support for the target mine life to 2023.”
Hillgrove’s Managing Director and CEO, Greg Hall said: “The change last year in mine practices through the newly configured mining fleet continues to reap dividends for the Kanmantoo operating performance.
“The material improvement in operating performance at Kanmantoo can clearly be seen in the control of mining dilution, increased mining tonnes and improved feed grades to the mill. Our processing plant group have also continued to improve their throughput rates, run time and copper recovery, all resulting in an increase in copper produced.”
A full quarterly report will be released next week.
In other resources news today, explosives and fertiliser maker Incitec Pivot has lifted its first half revenue seven per cent thanks to strong growth from one of its ammonium nitrates plants and reduced costs.
The company made a net profit of $115.7 million for the six months to March 31, up from $107.9 million a year ago.
Incitec Pivot said the result was partly driven by increase cashflow from the Moranbah ammonium nitrate plant in central Queensland, lower costs and greater productivity.
Chief executive James Fazzino said the company was working to drive returns from its existing operations while also growing the business.
“I’m a firm believer that execution on strategy is key and that a compelling source of shareholder value lies in improving the businesses you already own. We are focused on optimising the performance of IPL’s existing manufacturing assets, lifting productivity and concentrating on costs,” he said.
The company lifted its interim dividend to 3.5 cents per share, from 3.4 cents a year ago.
