beaux résultats de chibuluma

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Chibuluma
6 months
December
2010
6 months
June
2010
Tons milled
(t)
301 659
269 431
Headgrade – Copper
(%)
3,24
3,60
Overall recovery – Copper
(%)
92
90
Copper produced
(t)
9 008
8 721
Copper sold – total
(t)
8 990
8 702
Copper sold – into hedgebook
(t)
3 000
4 200
Copper sold – at spot price
(t)
5 990
4 502
Copper sold – hedgebook price achieved
(US$/t)
7 692
5 308
Copper sold – average spot price achieved
(US$/t)
8 322
7 488
On-mine costs per ton milled, net of ore stock purchased
(US$/t)
59
59
Copper realisation costs per ton of copper sold
(US$/t)
924
987
Total cash cost per ton of copper sold
(US$/t)
2 932
2 840
The introduction of hazard identification and risk assessment, especially before commencing any tasks at the mine, has led to an improvement in most safety related measures. The introduction of the new integrated SHEC management system for reporting and control has augmented the safety effort. Total lost time injuries during the current period remained constant relative to June 2010 at four.
The volume of ore through the plant increased by 12 percent for the current period. This was as a result of improved mining performance, a successful plant debottlenecking process and fewer electrical power interruptions. The mine completed the installation of additional on site generating capacity towards the end of the period so as to minimise the risk of further electrical interruptions at a capital cost of US$1 million.
Copper head grades decreased for the current period compared to June 2010. This is due to the mining having moved into a close out area where mining stresses are particularly high causing scaling of the hanging wall and subsequent
dilution. This area will be mined out by the end of the first quarter of 2011. Within the usual bounds of variability the ore body grade does improve with depth.
Plant recoveries improved by 2 percent to 92 percent. Management has focused on improving recoveries and numerous interventions, primarily related to ensuring constant flow through the float plant and improving the crushing circuit, has resulted in good improvements.
Copper produced and sold for the current period increased by 3 percent to a record 8 990 tons. All copper for the period was sold to the Chambishi Copper Smelters under contract. The terms are not as favourable as international pricing but are not as expensive as incurring the imposed export tax on concentrates.
On mine costs per ton milled were well controlled and remained flat at US$59 per ton, assisted by the increased volumes mined and milled. Realisation charges also decreased by six percent per ton sold following less smelter penalties incurred. Stated in terms of cash costs per ton of metal sold, Chibuluma had a credible performance for the current period as costs rose by 3 percent. The increase in cash costs per ton of metal sold to US$2 932 per ton increased when compared to June 2010 due to the lower grades and higher volumes mined and milled.
Capital expenditure remained relatively constant and amounted to US$13,3 million as a result of the purchase of new mining fleet vehicles (US$3,2 million) needed to maintain production levels as well as increased capital spend on engineering items required to upgrade the quality of capital equipment at Chibuluma. In addition, Chibuluma commenced with an exploration programme aimed at increasing the life of the mine (US$0,6 million). Mining development remains a large proportion of the capital spending (US$3,5 million).
For the current period the Chibuluma mine increased its cash mining profit by 34 percent to US$47,1 million. This was driven off the back of higher copper production; higher copper prices received and cost control. The average copper price received increased from US$6 436 per ton to US$8 112 per ton.
The Chibuluma mine is well set to maintain mining and milling volumes in the coming period. Volume restrictions, given the increasing depth of mining and erratic power supply, will be mitigated through careful planning and strategic interventions, and the depth related increases in grade will assist in maintaining production levels. In addition the dilution due to the close out areas should reduce by the end of the first quarter 2011. Various cost pressures will be experienced during the coming year, mainly in the form of wages, power and diesel costs. Capital expenditure levels are expected to remain similar in the coming year. However additional expenditure will be incurred on exploration activities targeted at extending the life of the mine.