Thursday, October 29, 2020

DML silver production beat expectations

Discovery Metals Limited (DML), the Australian-Botswana listed outfit said this week that it outsmarted itself in the recovery of silver at its operations in the northern parts of Botswana in June this year.

“Average metallurgical recoveries of 87.4 percent of copper and 84 percent of silver were achieved for the month.

“Overall copper recovery is in line with expectations and silver recovery continues to outperform the original estimates,” the company said in a statement.

DML is operating Boseto project in the north-western part of the countryÔÇöabout 80 kilometers outside MaunÔÇöand concession area of 10,000 km2.

Boseto is composed of Zeta and Plutus Open pits and both managed to move three million tonnes of ore.

The area was previous explored by other mining giants such as Anglo-Vaal and US Steel International in the 1960s and 1970s that were looking for mining operation in excess of 200 million tones of medium to low grades.

However, at the time it turned out that the deposits could not run an operation of that size ÔÇô due to technology that was used then ÔÇô and that the area’s infrastructural development was seen wanting.

In its update, DML said production was slightly slower than in May where production amounted to 3.25 million tonnes of ore.

It said copper production increased 14 percent and silver production was up eight percent during the month of May but optimistic that in July it will beat its historical records.

Discovery is the darling of both the stock markets and financial institutions who supported at the time of need.

Discovery expects the life-span of Boseto to reach 25 years, which will be a combination of open pit and underground mining at a later stage.

It also stated that the current infrastructural development is of higher standard and area is easily accessible to habour in the neighbouring countries.

The tri-listed listed company said concentrate production in June was 5,029 tonnes at 38.8 percent copper and 503 g/t silver containing 1,952 tonnes of copper and 81,380 ounce of silver.

“This was the highest monthly metal production figure from Boseto Project to date and continues the planned production improvement. Further production improvement is anticipated in July,” the company said.

The developments by Discovery Metals come at a time when China and India are increasing, getting hungry for base metals to try to power their economic developments as they accelerate to bypass the European nations with economic muscle.

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