{"id":11818,"date":"2024-07-03T20:00:30","date_gmt":"2024-07-03T20:00:30","guid":{"rendered":"https:\/\/economicherald.net\/?p=11818"},"modified":"2024-07-03T20:00:30","modified_gmt":"2024-07-03T20:00:30","slug":"hillgroves-kanmantoo-output-rises-22pc-to-1025t-copper-in-june","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=11818","title":{"rendered":"Hillgrove\u2019s Kanmantoo output rises 22pc to 1025t copper in June"},"content":{"rendered":"<p>Hillgrove Resources\u2019 Kanmantoo copper production climbs 22% to 1025t in June<br \/>\nAll metrics including milled tonnage, copper grade and recovery also up<br \/>\nIncreased production and copper price expected to deliver positive cash flow<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> Hillgrove Resources has hit a major milestone after increasing copper production from its Kanmantoo underground mine in South Australia by 22% to just over 1000t in June.<\/strong><\/p>\n<p>It strongly validates <a href=\"https:\/\/stockhead.com.au\/company\/hillgrove-resources-hgo\/\"><strong>Hillgrove Resources (ASX:HGO)<\/strong><\/a> move to push ahead with an underground development at the project, which had produced ~137,000t of copper and ~55,000oz of gold\u00a0from a series of open pits between 2010 and 2020 before it was placed on care and maintenance.<\/p>\n<p>While the company was long aware that the mined lodes continued at depth below the open pit, it was only after it carried out a modest program of initial drilling soon after the mine was shut that it got its first real hint of what was present.<\/p>\n<p>This led to further drilling that quickly identified enough resources to justify underground mining and bringing the 3.6Mtpa process plant and tailings storage facility\u00a0back into use.<\/p>\n<p>HGO has identified a significant exploration target of between 60-100Mt at 0.9%-1.2% copper and 0.1g\/t-0.2g\/t gold that could extend the mine\u2019s life, with this exploration potential leading <a href=\"https:\/\/stockhead.com.au\/resources\/moneytalks-how-canaccords-tim-hoff-hunts-for-explorers-in-a-market-sapped-of-confidence\/\" target=\"_blank\" rel=\"noopener\">Canaccord Genuity analyst Tim Hoff to name it as one of the ASX copper stocks to watch in an interview with <em>Stockhead.<\/em><\/a><\/p>\n<p>To top it off just 40% of the plant\u2019s capacity is being used, meaning that an increase in mine throughput and copper production is entirely possible. That would deliver substantial uplift in free cashflow.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Commercial production achieved<\/strong><\/h2>\n<p>HGO notes with Kanmantoo copper output reaching 1,025t in June the project has well and truly entered into commercial production.<\/p>\n<p>All key metrics also improved with total milled tonnes increasing from 84,789dmt <a href=\"https:\/\/stockhead.com.au\/resources\/hillgroves-kanmantoo-copper-output-continues-to-ramp-up\/\" target=\"_blank\" rel=\"noopener\"><strong>in May<\/strong><\/a> to 89,513dmt in June, copper feed grade rising from 1.09% to 1.23% and copper recovery up from 90.7% to 93.5%.<\/p>\n<p>This continues a trend that started when processing from the underground mine begun in February this year.<\/p>\n<p>High copper prices \u2013 currently above US$9,500\/t \u2013 are also positive for HGO as it ramps up to higher production rates.<\/p>\n<p>\u201cWe\u2019ve had another excellent month with improvements in all key processing metrics, including milled tonnes, feed grade, and recovery,\u201d managing director Bob Fulker said.<\/p>\n<p>\u201cWith the rise in copper prices and increased production, we expect cash and cash equivalents for the quarter to be positive.<\/p>\n<p>\u201cAchieving monthly production of 1,000 tonnes of copper and generating positive cash flow within the first year is a remarkable accomplishment, which provides a strong foundation for the company\u2019s growth.<\/p>\n<p>\u201cWe look forward to sharing the cash position in the quarterly report towards the end of July, after which we will resume quarterly reporting in line with standard practices.\u201d<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Hillgrove Resources, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p>\u00a0<\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/hillgroves-kanmantoo-output-rises-22pc-to-1025t-copper-in-june\/\">Hillgrove\u2019s Kanmantoo output rises 22pc to 1025t copper in June<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Hillgrove Resources\u2019 Kanmantoo copper production climbs 22% to 1025t in June All metrics including milled tonnage, copper grade and recovery also up Increased production and <a href=\"https:\/\/economicherald.net\/?p=11818\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":11819,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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