Cash from Kanmantoo copper sales hits the bank

19th February 2024 By: Creamer Media Reporter

Cash from Kanmantoo copper sales hits the bank

Following the recent launch of copper production at the Kanmantoo underground mine in South Australia, Hillgrove Resources has now sold its first copper concentrate, securing the initial proceeds.

“Seeing the cash from the first copper sales hit the bank account was very gratifying. The revenues represent the execution of a strategy that commenced in 2019 centred on leveraging the existing infrastructure at Kanmantoo to develop a low capital-intensive copper mine,” commented CEO and MD Lachlan Wallace.

Hillgrove, which is now positioned as one of the few pure pay copper producers on the ASX, will focus on actively growing the mine life and the copper production profile through exploration.

Its initial focus will be on the substantial exploration target near the underused processing plant, including the recently discovered Kanmantoo Deeps target, Wallace stated.

The company has an exploration target of 60-million to 100-million tonnes.

The Kanmantoo mine is set to produce 43 500 t of copper and 11 500 oz of gold.