Highlights23 Dec 2011 09:13
-- Copper produced in concentrate in the first half increased by 95 per
cent compared to the same period last year and by 48 per cent compared
to the second six months of the last fiscal year to 31 March 2011;
-- Revenues increased to $23.1 million, from $8.1 million for the
corresponding period last year;
-- Currently implementing a program of focused plant upgrades to increase
production further with $9.5 million spent on capital equipment and
Mowana North drilling and $4.3 million spent on accelerated waste
stripping;
-- Average recoveries anticipated to increase as mining progresses deeper
into the mines and away from more oxidic areas;
-- Loss for the period increased to $16.0 million, compared to $6.1 million
for the corresponding period last year, reflecting the cost of mine
development and processing costs associated with high oxide ore;
-- Operations broadly cash neutral for the period due to good working
capital management;
-- ZCI Limited ("ZCI"), the immediate parent company, has agreed to defer
all principal and interest payments arising from the Company's debt
obligations to ZCI until 31 March 2013 and provided a letter of
financial support.