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Independence Group delivers strong quarter

Independence Group delivers strong quarter

Photo by Bloomberg

28th April 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Base metals and gold junior Independence Group has reported a solid quarter during the three months to March, with the Jaguar mine, in Western Australia, increasing output.

At the Jaguar mine, Independence Group delivered 1 596 t of copper, 7 471 t of zinc, 262 686 oz of silver and 966 oz of gold. This was compared with the 774 t of copper, 6 241 t of zinc, 222 692 oz of silver and 896 oz of gold delivered in the previous corresponding period.

The company told shareholders that the increase in production was owing to an increase in the total tonnes of ore mined during the quarter, while head grades remained steady.

The Jaguar operation was expected to deliver between 5 000 t and 6 000 t of copper in concentrate during the full year. Zinc production for the full year had previously been forecast at between 43 000 t and 45 000 t, but the miner noted that a 17-day shutdown period during the March quarter would likely downgrade full-year zinc production by around 10% below the lower end of the guidance.

During the quarter under review, the Long nickel operation, also in Western Australia, delivered 2 616 t of nickel and 182 t of copper, compared with the 2 799 t of nickel and 199 t of copper delivered in the previous corresponding period.

Looking ahead, Independence has maintained its full-year production guidance for the Long operation, with the mine expected to deliver between 230 000 t and 270 000 t of ore, to produce between 9 000 t and 10 000 t of contained nickel.

Meanwhile, production at the newly opened Tropicana joint venture reached 120 579 oz during the quarter, with Independence Group’s 30% share of this amounting to 36 174 oz.

The operation was officially opened early in March this year, and the eight-million-ounce mine was on track to produce 500 000 oz/y of gold over the first three years of operation.

Edited by Creamer Media Reporter

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