JOHANNESBURG (Reuters) - South African miner Metorex said on Wednesday its Ruashi mine in the Democratic Republic of Congo could produce 36,000 tonnes copper per year and up to 5,000 tonnes of cobalt in the long term.
Metorex, which is ramping up output at Ruashi, said in a statement the mine produced 2,512 tonnes of copper and 274 tonnes of cobalt in October up from 2,345 tonnes of copper and 272 tonnes of cobalt in the previous month.
The company's Chief Executive Officer Terence Goodlace said metal production was expected to be 20,000 tonnes of copper cathode and 1,756 tonnes of contained cobalt for the eight months to June 2010 at its Ruashi mine.
Metorex, which also operates the Chibuluma copper mine in Zambia, and is selling its stake in a fluorspar mine in South Africa, said increases in copper and cobalt prices drove revenues higher.
The company said the total costs had reduced to $2,800 per tonne of copper produced, and improved efficiencies was expected to result in a further reduction in costs.
Metorex said mining costs were expected to rise at Ruashi due to increased stripping requirement at one of the pits.
The company said it would investigate further opportunities to mine for copper and enhance processing at its open pit and underground mines.
Metorex said the planned sale of 55 percent stake in the Vergenoeg flourspar mine in South Africa for $60 million was on track for completion during December 2009.
Posts
No comments:
Post a Comment