Announcing its results for the quarter and financial year to end-June, Metals X Limited (MLX) said that despite the fall in tin prices its 50% owned Renison mine was still generating a cash operating surplus, and that the company looked forward to increasing output following the installation of extra ore processing equipment and significant advances in development of ore ready for mining.
As previously announced by China-based major stakeholder L’Sea Resources, the mine produced 1,704 tonnes of tin-in-concentrate in April-June, bringing annual production in the year to 30 June to 7,073 tonnes. A reduction in cash operating costs to A$14,017/t in the latest quarter helped generate a cash operating surplus (EBITDA) on MLX’s 50% of the operation of A$2.98 million. Annual EBITDA was A$17.36 million. (A$: US$ = 0.733)
In a statement the company said that new equipment installed within the Renison concentrator towards the end of the quarter was having an immediate and positive impact on throughput and recovery, while development of the core mineralised zone in the new Central Federal Bassett area will “provide another long-term and key production area” starting from this month. Upgrades of mineral resource and ore reserves are expected shortly and the mine’s position with regard to ore stocks which have been fully developed ready for production was described as “fantastic”.
