Aeris Resources upbeat on FY19 production result

Aeris Resources upbeat on FY19 production result

Established Australian copper producer and explorer Aeris Resources (ASX: AIS) achieved above forecast copper production of 26,852t for FY19 at a C1 Cash Cost of A$2.78/lb, exceeding the original production guidance released in July 2018 of 24,500 tonnes at a C1 Cash Cost between A$2.75/lb and A$2.90/lb.


Established Australian copper producer and explorer Aeris Resources (ASX: AIS) achieved above forecast copper production of 26,852t for FY19 at a C1 Cash Cost of A$2.78/lb, exceeding the original production guidance released in July 2018 of 24,500 tonnes at a C1 Cash Cost between A$2.75/lb and A$2.90/lb.

HIGHLIGHTS

·       Copper Production exceeds guidance: 26,852t @ C1 Cash Cost of A$2.78/lb

·       Continued exploration success at Tritton:

·       Multiple high grade copper intersections at Kurrajong over 800m down plunge.

·       Mineralisation remains open down plunge and along strike

·       Initial Exploration Target has been established

·       25 new electromagnetic anomalies identified on Tritton tenements, including 9 priority targets to progress in FY20

·       2 drill holes successfully completed at Torrens Project – low levels of copper mineralisation encountered in hole TD7

·       Debt reduced by a further US$20 million, for total debt reduction of US$100 million since 2013

·       Strengthened balance sheet paves way for active pursuit of M&A opportunities

Executive Chairman, Andre Labuschagne, said the excellent production result by Aeris’ team at Tritton was one of multiple operational and corporate successes for the Company in FY19.

“The Tritton Copper Operations continue to deliver outstanding and reliable performance, with the above guidance production being the result of on-plan ore production and higher than planned copper grades from both the Tritton and Murrawombie underground mines,” he said.

“Despite the impact of the weakening currency over the last 12 months on our US dollar treatment and refining charges and sea-freight costs, we maintained C1 Cash Costs within the lower end of the guidance range provided in July 2018."

Mr Labuschagne said the Murrawombie underground mine had continued to provide upside beyond expectations, in terms of both grade and tonnes.

“Recent grade control drilling has identified potential for the orebody to continue along strike to the north, outside of the current Mineral Resource," he said.

"Drilling is scheduled in the first half of FY20 to explore this potential extension to the orebody.”

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