20974 29Metals AR23 WEB V1 - Flipbook - Page 24
29Metals 2023 Annual Report
20
Our assets continued
Capricorn Copper
Capricorn Copper is a high-grade, long-life underground
copper operation, with exploration tenements covering
an area of approximately 1,900 km2 located within the
highly prospective Mt Isa Inlier.
Location
Mine Life
QLD,
Western fold
belt of Mt Isa
Inlier
10+
years
The opera琀椀on is on grid power with a FIFO workforce with underground
mining conducted by a mining contractor.5
2023 Highlights
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TRIFR
LTIFR
5.6/mwhrs
1.4/mwhrs
20%
2023
7.0/mwhrs
2022
2023
Signi昀椀cant safety performance improvement – 20% reduc琀椀on in TRIFR
Navigated the Extreme Weather Event6 with:
҄ no health and safety incidents;
҄ no uncontrolled release of mine-a昀昀ected water from regulated
structures; and
҄ no loss of containment of tailings
Successful comple琀椀on of phase 1 of the Recovery Plan7
Reinstatement and enhancement of water management infrastructure8
Progressed phase 2 of the Recovery Plan7
Signi昀椀cant reduc琀椀on of water levels held on site at year end
(aggregate volume of water reduc琀椀on prior to rainfall from late
January 2024 of more than 500 ML)
Declared a ‘Prescribed Project’ and a ‘Cri琀椀cal Infrastructure Project’
by the Queensland Government
Extended known mineralisa琀椀on at Esperanza South
Iden琀椀昀椀ed new mineralised zone east of Mammoth
2024 Priorities
Following the announcement of the suspension of mining and milling
opera琀椀ons, the priori琀椀es for 2024 will be on water management and
planning for a successful and sustainable restart of opera琀椀ons as soon
as possible.
22%
The key drivers of a successful and sustainable restart at Capricorn
Copper are expected to be:
1.8/mwhrs
2022
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Products
Mining Method
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Cu Copper Concentrate
(including silver
by-product)
Underground
Long Hole Open Stoping
and Sub Level Caving
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reducing water inventory held on site and further enhance
resilience;
establishing long term tailings storage capacity;
comple琀椀ng the design, procurement and installa琀椀on of the new
water treatment plant; and
enhance produc琀椀vity and reduce costs.
For further information, refer to
page 3
Processing Method
Conven琀椀onal 昀氀ow sheet with
crushing, grinding, 昀氀ota琀椀on
Organic growth
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EBITDA
1
$(30.8)m
Mineral
Resources3
Ore
Reserves3
64.8Mt @
19.0Mt @
Cu
from 2022, $65.9m
Au Ag
Silver
9 g/t
Pb Co
Cobalt4
396 ppm
Copper Metal Production
6.1kt
2
Copper
1.8%
Cu
Au Ag
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Complete a three-hole drilling program to follow up the new mineralised
zone east of Mammoth
Resource conversion and extension drilling at Mammoth
Evaluate opportunity to increase the mining rate at Esperanza South
Con琀椀nue evalua琀椀on of poten琀椀al to commercialise cobalt mineralisa琀椀on
at Capricorn Copper
Copper
1.7%
Silver
12 g/t
from 2022, 23.8kt
1. EBITDA is non-IFRS 昀椀nancial informa琀椀on. Refer to the Important Informa琀椀on
regarding the use of non-IFRS 昀椀nancial informa琀椀on on page 207.
2. Full year produc琀椀on result heavily impacted by Extreme Weather Event, with
full year result re昀氀ec琀椀ng produc琀椀on un琀椀l 8 March 2023 and par琀椀al produc琀椀on
from commencement of the phase one restart in August 2023.
3. As at 31 December 2023. Refer to pages 61 to 77 for 29Metals’ 2023 Mineral
Resources and Ore Reserves es琀椀mates, including Competent Person’s statements.
4. 29Metals does not currently recover any cobalt from processing opera琀椀ons.
5. Prior to suspension of mining and milling opera琀椀ons announced on 26 March 2024.
Refer to page 3 for further informa琀椀on regarding the suspension of mining and
milling opera琀椀ons at Capricorn Copper.
6. 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.
7. Informa琀椀on regarding the Capricorn Copper Recovery Plan was set out 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.
8. Reinstated and enhanced diversion infrastructure damaged during the Extreme
Weather Event in March 2023 successfully prevented further ingress of water into
ESS during the rainfall in the period from late January 2024.
