THE BOURSE WHISPERER: Tiger Resources (ASX: TGS) has set a new record for monthly production at the company’s Kipoi copper project in the Democratic Republic of Congo.
Tiger claims to have produced 4,422 tonnes of copper in concentrate in June from its heavy media separation (HMS) plant.
This represents a 47 per cent output above the HMS plant’s nameplate capacity and 10 per cent higher than the company’s previous monthly record of 4,007 tonnes, which it achieved in March this year.
In April, Tiger produced 3,263 tonnes of copper and 3,431 tonnes in May.
Total quarterly production was 11,116 tonnes of copper, producing a record quarter.
“As we proceed deeper into the Kipoi Central deposit the rock becomes stronger with higher contained copper content,” Tiger Resources managing director Brad Marwood said in the company’s announcement to the Australian Securities Exchange.
“We find increasing production performance with better recovery, better concentrate grades, and lower costs.”
Tiger has produced 20,604t of copper so far this calendar year, 11 per cent higher than the company’s budgeted target of 18,500t of copper.
The company has accelerated mining of waste mining in order to maintain production, which it indicated should reduce operating costs during the latter part of the year.
Modifications to the processing plant, which include the replacement of conveyors and other minor changes to enhance the production performance, have been completed at nominal cost.
Tiger said it expects these enhancements will allow for increased materials handling and better separation of concentrate from the waste rock.
As the Kipoi ore properties improve, Tiger anticipates this should result in sustained outperformance of the plant.
The increased quantity of ore established with grade control should also help to sustain higher production levels throughout 2014.
Tiger said details of the operating costs and performance will be presented in the company’s quarterly report, which will be issued later this month.