Kanmantoo owner-operator switchover gives Hillgrove a boost
PERTH (miningweekly.com) – Copper miner Hillgrove Resources has reported a net profit of A$1.49-million for the year ended January, compared with a loss of A$11.7-million in the previous financial year.
Revenue for the full year increased to A$139.2-million, compared with the A$115.4-million achieved in 2013, while earnings before interest, tax, depreciation and amortisation increased to A$37.3-million, from the A$17.1-million in the previous financial year.
Hillgrove told shareholders on Monday that the improved financial performance had been driven by significant operational and production improvements implemented at the flagship Kanmantoo copper/gold mine, in South Australia.
The company moved to an owner-operator model during the year under review, allowing Hillgrove to increase copper production to a record 17 184 t during the year.
The process plant also saw a record throughput of more than 2.9-million tonnes, with mill head grade increasing to 0.64% copper.
“The company is very pleased to be able to present these much improved financial results for the past year. This was a turnaround year for the company, not only in terms of operational achievements, but as importantly, the move to profit clearly underlines the successful transition from mine development to profitable production, and has set the platform for value improvement to shareholders over the coming year,” said Hillgrove CEO and MD Greg Hall.
He noted that the Kanmantoo mine continued to perform well, and in line with expectations. For the full year, Kanmantoo was expected to deliver between 22 300 t and 24 600 t of copper in concentrate.
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