PANAUST ANNOUNCES RECORD COPPER PRODUCTION

Written on the 7 April 2015 by Antony Scholefield

PANAUST ANNOUNCES RECORD COPPER PRODUCTION

BRISBANE-BASED mining company PanAust has announced record copper production from its Phu Kham copper-gold operation in Laos.

The production of 21,100 tonnes during the March quarter compares favourably with the full-year guidance for between 73,000 and 76,000 tonnes.

In 2014, the company produced 71,200 tonnes, outperforming its original guidance of 65,000 to 70,000.

However, any increase in production could be offset by weak prices, with the value of copper falling from about 3.4 US dollars per pound in January 2014 to under three US dollars in December 2014, according to NASDAQ.

After falling below 2.5 US dollars early this year, the price of copper has returned to about 2.7 US dollars.

PanAust plans for its copper production to peak at about 90,000 tonnes between 2018 and 2019.

It expects annual copper production to increase nearly 25 per cent from 2014, without any extra capital expenditure.

Managing director Fred Hess says the operation performed strongly thanks to a recent business efficiency review.

The company initially identified $65 million in savings but believes it will experience further benefits in mining, shared services, and sustaining capital.

The strong US dollar also contributed to the record production levels, driving down the price of key consumables such as fuel.

In other quarterly results, the Ban Houayxai operation in Laos poured 24,500 ounces of gold and 260,000 ounces of silver.

PanAust recorded a loss of $279 million in the full year to December 2014. It is currently considering a takeover offer from Chinese mining company Guangdong Rising Assets Management.


Author: Antony Scholefield

Latest News

STAFF CHURN BLAMED FOR MCGRATH EARNINGS DOWNGRADE

MCGRATH will fail to meet earnings forecasts after some of its star real estate agents defected to growing Perth firm...

MCBAIN RESIGNS AS BELLAMY'S DIRECTOR WHILE THIRD CLASS ACTION MOVES CLOSER TO SECURING FUNDING

LAURA McBain (pictured) has resigned as a director of Bellamy's Organic (ASX: BAL) today, effective immediatel...

REDBUBBLE TO MISS IPO FORECASTS

REDBUBBLE, the online marketplace for independent artists, will miss a series of forecasts set out in its IPO in its ...

BLUESCOPE CONTINUES STRONG RUN WITH GUIDANCE UPGRADE

BLUESCOPE Steel (ASX: BSL) is trading up 7.51 per cent at $11.16 per share after upgrading its half-year guidance thi...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter