Beadell misses the mark in March quarter
PERTH (miningweekly.com) – Despite missing production targets at its Tucano gold mine, in Brazil, ASX-listed Beadell Resources on Tuesday assured shareholders that the company would meet its full-year sales target of between 170 000 oz and 190 000 oz.
During the March quarter, gold sales from the Tucano operation were 33 000 oz, which was 8%, or 3 000 oz, below expectations.
Beadell reported that the decrease in sales resulted from a 24% decline in material movement during the quarter, which resulted from an unexpected delay in the arrival of an additional earthmoving fleet, which had been previously ordered.
The first of this equipment was scheduled to arrive next week, and would ensure ongoing material movement targets were met.
In addition to the late arrival of this equipment, the first-ever semi-autogenous grinding mill re-line at Tucano also occurred during the quarter, and took eight days, instead of the planned four, to complete, which resulted in a near 2 000 oz production loss.
Despite the setbacks, Beadell remained convinced that the company would be able to reach its full-year gold sales guidance. The miner added that the guidance included a planned cutback of the high-grade Duckhead pit. It was expected that the cutback would contribute some 20 000 oz of low-cost gold production to Beadell’s profile.
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