Metals X today reported results for the July-September quarter for its Renison tin operation in Tasmania, now run as a 50:50 joint venture with the Yunnan Tin Group. The cash operating surplus was up 12% from the previous quarter to A$7.1 million (based on its 50% share of the business) as a result of higher tin prices. However tin-in-concentrate production fell slightly to 1,610 tonnes in Q3 from 1,673 tonnes in Q2 and operating costs rose. The latest figures reflect the closure of the open pit Mt Bischoff mine in July which had previously provided part of the feed to the Renison concentrator.
In a statement the company commented: “Metals Xʼs unaudited cash operating surplus for the quarter was 12% higher at $7.1M and the net cashflow after capital reinvestment and the continued aggressive exploration strategy was $4.3M. The operating cash costs of $13,785/tonne for the quarter were slightly higher than the previous quarter mainly as a result of additional cost associated with the planned closure of the Mt Bischoff open pit and the planned two day maintenance shutdown of the Renison processing plant. Operating costs are expected to reduce further in the December quarter as feed to the tin concentrator is sourced solely from the higher grade Renison underground mine.”
