DISCOVERY MINING IN BOTSWANA

Written on the 16 January 2014

DISCOVERY MINING IN BOTSWANA

DISCOVERY Metals (ASX:DML) increased production at its Botswana copper and silver mine last quarter, but the amount of copper and silver within that concentrate dropped.

The company reports 9.01 Mt mined, a 2 per cent increase in ore milled and a 5 per cent increase in concentrate produced, quarter on quarter.

However, the amount of silver and copper within the concentrate was down. The 4,352t of copper was down 7.8 per cent on previous quarter, while the 130,246oz silver in the concentrate during the period was down 33.8 per cent on the previous quarter, DML says in a quarterly report released to the ASX.

It is also undertaking a feasibility study for its Zeta NE underground mine, where an environmental approval is in place, in the same area and is continuing to explore its licence area in the Kalahari Copperbelt.

The company holds $11.6 million cash funds. Total group interest bearing debt is $153.9 million.

The Boseto Project has been operational since the second half of 2012 and it was last quarter the company changed category from explorer to producer on the ASX.

DML is unchanged in trading this morning, at $0.047.

 

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