Sydney, Oct 10, 2007 (ABN Newswire) - CopperCo Limited (CopperCo or The Company) (ASX: CUO) is pleased to advise that shipment of copper cathode has commenced from their Lady Annie Project, northwest of Mount Isa in north western Queensland.
Approximately 72 tonnes of LME "A" grade copper cathode was produced over the weekend and the first shipment has been sent to Townsville for sale to Glencore International AG, in accordance with the Offtake Agreement.
Regular production and shipment of cathode is underway as the SX-EW plant is ramped up to nameplate capacity of 19,000 tonnes per annum. It is anticipated that approximately 1,350 tonnes of cathode will be produced, shipped and sold during October 2007, ramping up to nameplate capacity of 1,600 tonnes per month thereafter.
At current spot prices revenue from cathode production for October 2007 is expected to be between AUD$10.5M and AUD$11.0M.
About COPPERCO LIMITED
The Company has consolidated approximately 2,500km2 of Mining Leases and Exploration Permits in the Mount Isa Block, making it a major tenement holder in the region. This consolidation has resulted in a coherent, multi-tenement package covering some 100km of strike length in the Western Succession, hosting several known copper oxide and sulphide resources and prospects and giving it the potential to simultaneously develop several projects.
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