copper and gold miner SandfireResLtd has set new production targets, while announcing that Karl Simich will step down mining resources mining Australia Botswana Spain
PERTH – Copper/gold miner Sandfire Resources has lifted its production guidance for 2023, announced the departure of its MD and CEO,Sandfire on Friday announced that group production for the 2023 financial year is now targeted at between 83 000 t to 91 000 t of copper, up from the previous estimate of between 81 000 t and 89 000 t of copper.Gold production expectations have also increased from the previous 10 000 oz to 12 000 oz, to between 12 000 oz and 14 000 oz.
Sandfire on Friday announced that following the completion of a feasibility study at the DeGrussa project, the company will start a processing extension project, based on processing heavily transitional stockpiles and mineralised waste stockpiles remaining on site at the end of the current operations.
The processing plant is expected to continue operating until January 2023, treating approximately 310 000 t of ore at an average grade of around 1% copper. Due to the transitional mineralogy and grade of this ore, recovery is targeted to be around 70% for copper and 40% for gold. This is expected to deliver about 2 000 t of copper and 2 000 oz of gold contained within around 10 000 t of concentrate at a grade of around 22% copper and 5g/t gold.
The Motheo project finance facility has a seven year tenure with scheduled repayments commencing in December 2023. Total development capital for the Motheo copper project expansion case is estimated at $397.4-million, incorporating development costs for the A4 open pit and 5.2-million tonne a year plant expansion of $47.9-million.
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