Capital projects on a roll at Capricorn Copper

29Metals has outlined a raft of capital projects rolling out at its Capricorn Copper site in North-West Queensland, as its quarterly report shows a lift in copper production. Surface works associated with a new exhaust ventilation shaft at the Esperanza South deposit have commenced, with commissioning scheduled for 2022. Meanwhile the company said it was expecting approval this quarter for a planned lift to the Esperanza tailings storage facility. Preparations to expedite construction were ongoing, 29Metals said, with early works and mobilisation activities expected to commence before the end of July. 29Metals expects to invest about $10 million on such capital projects at Capricorn Copper over the next six months. The mine's paste plant was successfully re-commissioned in June, with ramp up progressing well, it reported. And a planned mill reline was completed in June which included replacement of both the SAG and ball mill pinion bearings, replacement of the primary crusher grizzly and upgrades to the ball mill gearbox cooling system. The ongoing capital spend was proof the company was 100 per cent committed to the site, 29Metals managing director and chief executive officer Peter Albert said. "Historically it has been a little unloved, but in the last few years under EMR Capital $200 million has been deployed at Capricorn Copper to do additional resource drilling, conversion of resources to reserves, refurbish the process plant, recommission it and undertake a number of other activities to set the project up for a sustained long life - and we have a 10-year mine life today and the potential to keep growing that." 29Metals, which listed on the ASX last month, recorded a strong improvement in production across its operating assets - the Golden Grove mine in Western Australia and at Capricorn Copper - in the June quarter compared to the previous quarter. Ore mined dropped at Capricorn Copper to 395,000 tonnes (from 415kt in the March quarter), reflecting the impact of a pillar failure in mid-March in the Mammoth orebody. Mining in Greenstone and Mammoth G-Lens recommenced in April, with mining recommencing in other parts of the Mammoth orebody in early June following completion of the investigation and associated geotechnical assessment, the company said. Despite this setback, copper production increased in the June quarter due to both higher milled tonnes and higher feed grades. “29Metals delivered a strong June quarter relative to the March quarter, as expected, with improved production performance across all metals at both operating sites," Mr Albert said. "Improvements in grade and metallurgical recovery also improved unit costs relative to the March quarter. "June quarter performance, combined with progress against our pipeline of organic growth opportunities, has positioned the company for a successful year in 2021 and beyond."

Capital projects on a roll at Capricorn Copper

Industry Queensland

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