China Ke Mining (0985) announced its results for the second quarter ended June 30 last year. The company’s capital was approximately HK$3.5 billion, including approximately RMB1.4 billion in cash and deposits, and approximately 2.1 billion yuan in securities. During the period, the average selling price of Lady Annie's copper cathode fell from US$9,699 in the first quarter to US$9,055, and revenue dropped by approximately US$5 million to US$40.324 million.
The announcement stated that Lady Annie, based in Queensland, Australia, had a total output of 4,211t of electrolytic copper during the period. The monthly output of June was 1,567t and the quarterly sales volume was 4,453t. During the quarter, 727,000 tons of ore was produced, creating a quarterly record, with a total of 694,000 tons of ore imported, which also set a quarterly record. CST plans to increase Lady Annie’s copper production capacity to 30,000 tons per year. By the end of the year, with the expansion of the third-stage heap immersing plant, Lady Annie is expected to pile up at the rate of 3 million tons of ore per year. It can provide a mine site for seven years of production activities.
The company also plans to invest US$28 million in a survey of a series of mine sites around the Lady Annie mine and the region during the year. The company is already at Mt. A new mineralisation zone was discovered in the 700m northwestern mining rights zone in the Kelly mining area and was named Lady Colleen.
70% of Peruvian copper mines were resold by Glencore. In addition, the Mina Justa project in southern Peru has obtained a temporary water license on April 7. The estimated new mineral resources are about 413.3 million tons, with a grade of 0.79% copper, which is equivalent to the amount of copper metal. It increased 5% to 7.2 billion pounds. On July 17, the company sold 70% of the project's 70% equity to Glencore (0805) for $475 million.
The announcement stated that Lady Annie, based in Queensland, Australia, had a total output of 4,211t of electrolytic copper during the period. The monthly output of June was 1,567t and the quarterly sales volume was 4,453t. During the quarter, 727,000 tons of ore was produced, creating a quarterly record, with a total of 694,000 tons of ore imported, which also set a quarterly record. CST plans to increase Lady Annie’s copper production capacity to 30,000 tons per year. By the end of the year, with the expansion of the third-stage heap immersing plant, Lady Annie is expected to pile up at the rate of 3 million tons of ore per year. It can provide a mine site for seven years of production activities.
The company also plans to invest US$28 million in a survey of a series of mine sites around the Lady Annie mine and the region during the year. The company is already at Mt. A new mineralisation zone was discovered in the 700m northwestern mining rights zone in the Kelly mining area and was named Lady Colleen.
70% of Peruvian copper mines were resold by Glencore. In addition, the Mina Justa project in southern Peru has obtained a temporary water license on April 7. The estimated new mineral resources are about 413.3 million tons, with a grade of 0.79% copper, which is equivalent to the amount of copper metal. It increased 5% to 7.2 billion pounds. On July 17, the company sold 70% of the project's 70% equity to Glencore (0805) for $475 million.
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