20974 29Metals AR23 WEB V1 - Flipbook - Page 22
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29Metals 2023 Annual Report
Our assets
2023 proved to be a year of extremes
and the most challenging in 29Metals’
short history. It was also a year where
considerable progress was made
to recover from challenges faced
as we build for a sustainable future.
Business performance in the 昀椀rst half was impacted by:
■
■
■
the Extreme Weather Event at Capricorn Copper in March 20231
resul琀椀ng in signi昀椀cant loss and damage to surface infrastructure,
signi昀椀cant increase in water inventory held on site and
suspension of opera琀椀ons from 7 March un琀椀l the par琀椀al restart
of opera琀椀ons on 1 August 2023;
lower than plan produc琀椀on at Golden Grove, largely due to
constraints on milling rates to manage tailings capacity in
the 昀椀rst half of the year, ven琀椀la琀椀on commissioning failures,
and remedia琀椀on works following damage to the Gossan Hill
portal; and
macroeconomic headwinds, including lower commodity
prices, and con琀椀nuing in昀氀a琀椀onary and labour market
pressures across the mining sector.
1. Refer to: “Impact of Extreme Rainfall on Capricorn Copper
Opera琀椀ons” released to the ASX announcements pla琀昀orm on
9 March 2023; “Capricorn Copper Opera琀椀ons Update” released
to the ASX announcements pla琀昀orm on 15 March 2023; and
“Strategic Update” released to the ASX announcements
pla琀昀orm on 23 May 2023.
2. Details regarding the phased recovery plan for
Capricorn Copper were outlined in 29Metals’
investor presenta琀椀on en琀椀tled “Strategic Update”
released to the ASX announcements pla琀昀orm
on 23 May 2023.
Despite the challenging start to the year, the Group saw
signi昀椀cant improvement in safety performance with Group TRIFR
dropping by 34% on a 12‑month rolling basis to 6.5/mwhrs from
9.8 in 2022.
Performance improvement shown in the second half of the year,
with comple琀椀on of de‑bo琀琀lenecking projects at Golden Grove
suppor琀椀ng improvement in development and produc琀椀on rates,
and successful comple琀椀ng phase 1 of the Capricorn Copper
recovery plan2.
Read our full Operating and
Financial Review
page 88
Nicholas
Golden Grove
Mill Shi昀琀 Supervisor
at Golden Grove
inspec琀椀ng the
primary stockpile
feed conveyor which
feeds the mill.
