Metals X reported that tin-in-concentrate production at its 50%-owned Renison mine in Tasmania rose by 5% from the previous quarter to 1,586 tonnes in the quarter to end-September. In a statement the company said that “The operation’s mine productivity performance improved over the previous quarter but still remains just short of our budget expectations”. Mine production exceeded concentrator throughput in the quarter due to scheduled maintenance work.
Cash operating costs fell slightly to A$15,136/tonne, while total cost of sales (including marketing and capital charges) rose slightly to A$20,862. Free cash flow continues to be re-invested in mine development and exploration. The total mineral resource of the mine has recently been upgraded again to 11.57 million tonnes at 1.76% tin, containing 204,000 tonnes of tin.
Metals X’s main corporate move in the quarter was to buy the Australian subsidiary of Alacer Gold Corporation, with the A$40 million deal expected to be completed imminently. This will give the company two producing gold mines with a capacity of some 150,000 oz per annum to add to two existing projects.
