African Copper PLC, the London AIM- and Botswana Stock Exchange listed outfit that has been limping from the production bottlenecks –said it is embolden by the progress made towards achieving stable operations at its mining operations in Botswana.
“This has been an overall strong year for African Copper. We made clear progress towards realising the full potential of our assets, and we generated improvements in all key operating measures,” the company said in a statement this week.
In its audited financial statement to March 31, 2013 it said as a result of the improvements copper production increased by 37 percent to 9.496 Mt with record levels registered in March 2013 with 1,314 tonnes of copper in concentrate.
The move resulted in an improved production efficiencies and better grades of ore ÔÇô notably from Thakadu mine — revenue leap up 41.3 percent to US 60.5 million (about P 484 million) while operating revenue were stunted at US $ 13.7 million.
However, the company’s balance sheet was put under pressure by rising administrative costs, foreign exchange losses and increased finance costs that left with an overall loss of US 15.8 million as compared to US$ 42.6 million in the previous corresponding period.
But the improvement in production efficiencies over the 12 month period to March 31, 2013, has led to higher tonnage treated at its two pit mines of Mowana and Thakadu.
Thakadu deposit is mined as a satellite operation from African Copper’s flagship mine of Mowana mine.
Thakadu lays some 70 kilometres south-west of Mowana mine ÔÇô the bell weather of African Copper’s planned exploits in Botswana.
“We processed 801,901 tonnes of ore in 2013 compared to 738,921 tonnes in 2012- a 9 percent increaseÔÇöand all the process during the year came from Thakadu pit with an average grade of 1.78 percent; in 2012, the average grade was 1.93 percent with 73 percent of the ore coming from Thakadu pit and the balance from Mowana pit.
“The average recovery rates increased to 66.5 percent from 48 for the year as a whole, with the latter months of the financial year recording substantially higher recoveries as was the case in December 2012, when we recorded our highest recovery rate for a month at 95.6 percent,” African Copper said.
The budding miner, which is thirsty to push its brownish base metal through the throats of the marketsÔÇöon a five year off-take arrangementÔÇö as it aims to build the northern copper belt of Botswana.
African Copper is also working on other “blue sky areas” that could add up to what is called the “development of another copper belt in the northern Botswana”.
African Copper also has about 4000 km2 of prospecting area covering Makala, Matsitama and Nakalakwana, which has been described as the target area that might need joint venture operations to mine the area.
