Metals X reported improved performance at its 50% owned Renison mine in Tasmania and sees its continuing investment in rehabilitation and exploration starting to pay off. Production of tin-in-concentrate in the September quarter was 1,485 tonnes, up 6.5% on the previous quarter and 18.7% on the same period of last year.
In a statement the company said that “productivity gains and operational improvements continued primarily as a result of opening up of the previously flooded and now fully refurbished North Renison decline. ….The Renison mine is in its best position ever under Metals X’s ownership, with the company having opened up the full extent of the mine and having significantly increased the overall mineral resource and ore reserve base. Substantial investment in future capital mine development has been completed to enable sustainable higher production.”
Cash operating costs fell by 5% to A$15,868/tonne in the latest quarter, following a 12% fall in the previous quarter. Metals X is aiming to push up production to over 7,000 tpy at an average operating cost of below A$14,000 tonne. Lower costs helped generate a positive cash flow (EBITDA) of A$2.3 million in the three months despite lower tin prices, although this was exceeded by the A$2.8 million spend on mine development and A$1.7 million on exploration.
