20974 29Metals AR23 WEB V1 - Flipbook - Page 99
2023 key
results
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
95
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
20
Directors’ Report
Operating and Financial Review
▪
re mined from XE, Golden Grove’s highest grade ore source, increased to 331kt in the Reporting Period (2022: 182kt) he increase from 112kt of XE
ore mined in the first half to 21 kt in the second half provides the initial signs of the productivit enefits of de ottlenecking pro ects completed
during the ear
hilst total ore mined as roadl flat ear on ear, there as a higher relative proportion of copper ores in mill feed resulting in:
▪
―
higher copper production of 18 1kt (2022: 1
―
lo er gold production of 1 0ko (2022: 2
solute
▪
ko ), attri uta le to lo er grades mined and unfavoura le final assa results
costs increased to 231, 8 ,000 (2022: 1 8,0
,000), as ell as 1 and
unit costs, reflecting a com ination of:
―
33 lo er
marginall higher ite perating osts, 2 , from cost inflation, including unit rates under Golden Grove’s underground mining contract,
product credits, consistent ith lo er inc, gold, silver and lead production ear on ear, and lo er inc prices and
cost containment efforts, lo er sustaining and mine development capital and an increase in pa a le copper sold
he marginal increase in ite perating osts as after implementation of productivit improvement and cost reduction initiatives in the Group during
the ear, including:
―
▪
kt), respectivel and
―
partl offset
▪
kt) and lo er inc production of 1 kt (2022:
demo ilisation of e uipment and people from site
―
in sourcing of services previousl undertaken
―
retender of contracts to achieve lo er costs – including village and site services contracts
contractors – including operation of the paste plant and
otal capital e penditure as lo er than the prior period, and included:
―
ventilation upgrades to support higher mining activit levels at depth and
―
capacit e pansion in relation to
3, to support operations prior to the completion of
Golden Grove performance improved significantl in the second half of the Reporting Period, ith increasing production from XE and removal of milling
constraints supporting improvement in metal production, revenue, unit rates and E
:
▪
second half copper and inc production e ceeded first half production
▪
second half E
of 2 ,830,000 e ceeding first half E
and 32 , respectivel and
138
he contri ution of ore and metal production for the Reporting Period
half ear, is ta led elo
Golen Grove 2023 ore and metal production breakdown
re mined
re milled
DĞƚĂůWƌŽĚƵĐƚŝŽŶ
opper
inc
Gold
ilver
ead
kt
kt
kt
kt
ko
ko
kt
H1-2023
H2-2023
2023
0
02
818
838
1, 2
1, 0
22 1
3
3 1
08
10
2
38
0
18 1
1
1 0
12
20
