20974 29Metals AR23 WEB V1 - Flipbook - Page 102
29Metals 2023 Annual Report
98
Directors’ Report continued
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
23
Directors’ Report
Operating and Financial Review
FINANCIAL REVIEW
Price and FX
For the year ended 31 December
2023
Copper
inc
VAR
,
,
(
)
$t
,
,
(
)
,
, 0
Gold
$o
ilver
$o
ead
2022
$t
$t
,
,
( )
Australian dollar (period average)
A $
$
0
0
(0 0 )
Australian dollar (at period end)
A $
$
0
0
0 00
ource
Average metal prices for copper and inc during the eporting eriod were
average Australian dollar e change rate for the eporting eriod of 0
was
prices on the Australian dollar value of $ receipts
and
lower than the prior period, respectivel , in $ terms he
lower than the prior period, partl offsetting the impact of lower metal
Net Revenue
For the year ended 31 December
2023
Copper concentrate
2022
$’000
,
,
inc concentrate
$’000
, 0
,
ead concentrate
$’000
,
$’000
,
hipping revenue
uotational eriod (‘
’) price ad ustment
VAR
(
, 0)
( ,
0
)
,
,
( ,0 )
$’000
,
( ,
$’000
0
0
)
0
0
$’000
easured as copper revenues e cluding unrealised
C Cs
0 0
0
gains (losses) and C Cs, divided b total revenue e cluding unrealised
0
gains (losses) and
etals generates revenue from the sale of copper, inc and lead concentrates produced at Golden Grove, and from the sale of copper concentrates
produced at Capricorn Copper otal concentrate revenue is reported net of C Cs
evenue of $
,
,000 was
▪
a
▪
a
reduction ($
lower inc prices
reduction ($
,
,
lower than the prior period, reflecting
0,000) in copper concentrates revenue, on lower sales volumes and copper prices and
,000) in revenue from inc concentrates, on lower sales volumes, lower pa able precious metals content and materiall
ower copper and inc concentrate sales revenue was partl offset b lead concentrates sales of $
,
,000 ( 0
il)
A portion of the Group’s sales are conducted on a Cost Insurance and Freight Incoterms (‘ ’) basis, where the performance obligation includes providing
freight and shipping services As a result, a portion of the revenue generated from CIF sales is recognised as shipping revenue otal shipping revenue for
the period was $ ,
,000 ( 0
$ ,
,000)
etals generall receives pa ment (and records revenue) for its mineral concentrates on a provisional basis based on the prevailing commodit prices
at the time of shipment Final pa ments for mineral concentrates include ad ustments for the
that applies to the shipment otal
ad ustments for
the period were $
,000 ( 0 $ ,
,000), reflecting a reduction in metal prices between the time of shipment and final invoice pa ments during the
period
23
