Quarterly Activities Report for Period Ending 31 March 2014
Perth, April 23, 2014 AEST (ABN Newswire) - Metals X (
ASX:MLX) (MTXXY:OTCMKTS) continued to build on its diversified mining portfolio. Strong profits continued to be generated from the gold operations and although the tin operations performed under expectations the operations remained cash positive for the quarter. Strong rises in the nickel price has also brought the spotlight back onto the Wingellina Nickel-Cobalt-Iron project.
The onerous Morgan Stanley (MS) royalty over the Higginsville Gold Operations (HGO) was restructured to substantially reduce the financial impact and improve the future capital reinvestment decisions for HGO at current gold prices.
Metals X closed the quarter with cash and working capital increasing by 47% over the previous quarter to $73.2 million. The Company has no corporate debt.
GOLD DIVISION
- Quarterly consolidated operating performance (imputed) from the newly acquired gold operations had the following key outputs:
- Ore mined was 238,534t @ 6.23 g/t Au.
- Ore processed was 306,705t @ 5.11g/t Au (including low grade stocks).
- Average metallurgical recovery was 95.9%.
- Gold metal produced was 48,349 oz.
- Total cash cost of sales was $775/oz.
- EBITDA (unaudited) was $32.7M.
- Cashflow from the gold operations over the past two quarters has now exceeded the purchase price for the operations.
TIN DIVISION
- Quarterly operating performance (imputed) from the tin operations had the following key outputs when compared to the previous quarter:
- Ore mined was 157,814t @ 1.37% Sn.
- Ore processed was 153,124t @ 1.38% Sn.
- Tin metal in concentrates was 1,411t.
- Cash cost of sales was $20,009/t Sn.
- Metals X share of EBITDA (unaudited) was $4.03M.
NICKEL DIVISION
- A strong recovery in nickel prices during the quarter brought focus back onto the 100% owned undeveloped Wingellina Nickel-Cobalt-Iron Project.
- During the quarter, Metals X continued working towards the granting of the remaining approvals to enable the project to be ready for development.
To view the complete quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MLX-674824.pdf
About Metals X Limited
Metals X Limited (
ASX:MLX) (OTCMKTS:MTXXY) is a Diversified Resource Company. Australia's largest tin and one of Australia's top 10 gold producers. Considerable cashflow is generated from its two operating gold mines at South Kalgoorlie and Higginsville in WA and from its 50% owned high grade tin mine in Tasmania which is also one of the largest hard rock tin mines in the world. The company boasts resources of over 14 Moz of gold, 140,000 tonnes of contained tin and over 2 million tonnes of contained nickel. The company also has a considerable portfolio of growth assets, including one production ready and one development ready gold project and one of the world's largest undeveloped nickel and cobalt projects.
The Central Murchison Gold Project consists of a fully refurbished 2.0Mtpa gold plant and resource containing over 8.6 Mozs of gold in a combination of high grade underground mines and lower grade open pits, expected to be in production in early 2015. The Company's Rover 1 iron-oxide-copper-gold discovery contains 1.2Moz of gold equivalence which is targeted for production in 2016.
The 100% owned world class Wingellina Nickel and Cobalt Project hosts a global resource of over 180Mt at 1% nickel that includes 167Mt as a probable reserve. Metals X has joined with one of the World's largest companies, Samsung C and T, to work together to finance and develop the Wingellina project.
| ||
|
