CUDECO CLOSING IN ON THE MAGIC MILLION
Written on the 29 July 2014 by Nick Nichols
COPPER miner CuDeco is closing in on the magic million mark as it continues to stockpile ore at its Rocklands project in north-west Queensland.
The Gold Coast-based company says it has stockpiled 866,065 tonnes of ore since preliminary mining activities began late last year and it expects this stockpile to breach one million tonnes over the next week.
CuDeco says it has total audited stockpiles, including ore remaining in the pit, of 1.052 million tonnes at 3.02 per cent copper equivalent.
This equates to about 30,000 tonnes of copper equivalent sitting in the stockpile – valued around $6.8 million at the current spot price for copper.
CuDeco reports on-site processing costs of $14.30 per tonne, which brings the net value of the resource down to around $6.4 million.
The company is mining about 30,000 tonnes of ore and waste per day, down from a peak of about 44,000 tonnes during the ramp-up phase.
The company says CuDeco’s shares edged lower today, trading around $1.70 in the afternoon session.
Author: Nick Nichols