Oz Minerals (ASX:OZL) has produced the first saleable copper/gold concentrate into the pre-filter press feed tank at its Carrapateena project in South Australia.
As quoted in the press release:
First ‘saleable copper-gold concentrate’ has now been produced into the pre-filter press feed tank at Carrapateena, OZ Minerals’ new underground copper mine in South Australia, approximately 160 km north of Port Augusta. Achievement of the concentrate production milestone meets the Q4 2019 schedule mapped out on Board approval of the project in August 2017. The pre-production capital cost at first saleable concentrate is approximately AU$970 million with 2019 growth capital spend on track for guidance of AU$540 million to AU$570 million.
Sufficient saleable concentrate is expected to be produced to the filter feed tank over the coming days to then complete our first concentrate press. Over 280,000 tonnes of development ore is stockpiled on the surface as the mine now enters a faster circa 12-month ramp-up towards reaching a 4.25Mtpa1 throughput rate by the end of 2020, dependent upon the cave performing as expected. Having produced first concentrate the overall project value continues to align with the Feasibility Study Update of 2017. The initial metrics for the 2020 ramp-up were not detailed in that update and can now be provided. Longer term and more detailed guidance will be released with the fourth quarter report at the end of January 2020 once the planning process is complete.
Andrew Cole, CEO, commented:
This project began three years ago with initial decline works kicking off in Q3 2016 followed by mining lease approval in April 2018 and first underground development ore in April this year.
Today’s milestone represents the collaboration, support and hard work of a great many people including our operations and construction teams and the large number of contractors involved. We have been privileged to have the support and direct contribution from the traditional owners, the Kokatha people, and our pastoralist neighbours, as well as from a great many individuals and businesses in the Upper Spencer Gulf and elsewhere in South Australia.
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