MMG Limited Q1 13 Copper Production At 42535 Tonnes Up 48 Percent From Q1 12

Copper.....

MMG Limited continued to demonstrate improvements to mine productivity, with three operations achieving MMG ore mining records during the first quarter 2013. Chief Executive Officer Andrew Michelmore said, “MMG is committed to improving the productivity of our operations, illustrated by these record movements in ore mined and continuing improvements in Asset Utilisation.” Production and cost guidance for 2013 has been maintained for all commodities across all sites, with the exception of copper production at Golden Grove. Sepon mined 1.2 million tonnes of copper ore in the first quarter, a 36% increase on the previous quarter, while Kinsevere and Golden Grove moved 87% and 22% more ore respectively. This follows quarterly record ore movements achieved at Rosebery and Century in the previous quarter. Kinsevere also achieved milling and production records for the quarter following improvements in power supply reliability and electrical integrity. Kinsevere produced 13,910 tonnes of copper cathode in the first quarter, a 14% increase compared to the prior quarter. “We are pleased with the excellent results being delivered by Kinsevere, only a year after MMG's acquisition of the operation. We look forward to delivering strong results as we focus on sustaining nameplate capacity in line with our guidance,” said Mr Michelmore. Total copper production for the first quarter 2013 of 42,535 tonnes was 7% below the fourth quarter 2012 but 48% above the same period in 2012 due to the inclusion of Kinsevere and improved production at Sepon. Copper cathode production at Sepon was 13% lower than the previous quarter due to a planned shutdown involving scheduled maintenance of the copper processing plant. Golden Grove copper production decreased 20% compared to the fourth quarter 2012 due to slower than expected ramp-up of processing copper oxide ore from the new open pit. Total zinc production for the first quarter 2013 of 126,396 tonnes was 26% lower than the fourth quarter 2012, largely due to lower grade at Century as it begins to progress through the final stages of the mine plan. Century concentrate sales were also impacted by delays to the shipment schedule due to the replacement of a rudder on MMG's transfer vessel, the MV Wunma. Further improvements will be undertaken at Century to sustain the higher throughput rates and recoveries necessary for the operation to achieve its future production targets. Rosebery zinc production was in line with all comparable periods, however lower head feed grade and recovery resulted in lower gold doré and copper production. Source by Commodity Insights