Oct 17, 2016

CuDeco kicks off copper concentrate exports

CuDeco kicks off copper concentrate exports

CuDeco has announced the first shipment of sulphide copper concentrate to China from its Rocklands copper mine near Cloncurry in north-west Queensland.

About 4635 wet metric tonnes (WMT) of sulphide copper concentrate was shipped via the Port of Townsville this week.

CuDeco said the shipment had been sold to Oceanwide International Trading under the existing offtake agreement.

It follows a 1000 WMT shipment of native copper in the first week of October, with another shipment of 300 WMT of native copper scheduled for late October.

CuDeco managing director Dr Dianmin Chen said the shipment marked another key achievement for the new Rocklands plant as it ramped up towards nameplate capacity.

“This delivery is an important milestone for CuDeco as we work towards the commencement of continuous bulk shipments from Rocklands, and with it a substantial increase in concentrate exports, bringing substantial cash flows to the company,” Dr Chen said.

“Achieving Rocklands’ potential is our key focus ahead of the mine’s official opening later this month, and with exploration activity already recommenced, we see the potential for an extension in the mine life and its capacity to deliver long-term benefits to the whole region.”

Rocklands has now produced more than 2500 dry metric tonnes of copper metal in both native copper and sulphide copper concentrate.

Meanwhile, CuDeco said it had been advised by China Minsheng Banking Corporation that the requested extension of the repayment terms of the company’s existing bank facilities was at the final stage of the approval process.

CuDeco’s shares remain in voluntary suspension pending the finalisation of the 30 June 2016 Financial Statements, which it said would be completed once the refinancing was approved.