Aurelia Metals Limited (YTC Resources)
Aurelia Metals Limited (YTC Resources)
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Australian producer Aurelia Metals aims for a development funding solution by end-March after gaining development consent for its high-grade polymetallic Federation mine in central west NSW.
The proposed 600,000tpa mine, to extract high-grade zinc and lead, copper, gold and silver over an initial eight years, is 10km from Aurelia’s Hera mine. Federation ore will be processed at the Peak and Hera operations.
Australian miner Aurelia Metals continues to rely on its organisational renewal program to counter the acknowledged under-performance and challenging business and operational environment it blames for a marked deterioration of financial results for the Dec half (H1FY23).
Aurelia posted revenue of $A192.74M for the 6 months, down from $235.06M a year earlier, resulting in EBITDA of $12.28M (H1FY22: $79.54M) and a net after-tax loss of $29.49M ($7.5M profit).
Australian miner Aurelia Metals says the implementation of new asset operating strategies delivered higher production, lower costs and improved revenue in Dec, creating the foundation for a strong second half.
Aurelia posted Dec qtr (Q2FY23) production of 21,644oz gold (Q1: 22,530oz), 650t copper (463t), 3,960t lead (6,192t) and 4,197t zinc (6,828t), at group AISC of $A2,638/oz ($2,643/oz).
Australian miner Aurelia Minerals has outlined the starting physical and economic picture for the development of an underground mine at its high-grade, low-cost Federation polymetallic deposit in the Cobar Basin of central-western New South Wales.
The Federation gold-lead-zinc-copper-silver deposit has been described by Aurelia Metals MD-CEO Dan Clifford as one of the great Cobar Basin discoveries following completion of its project feasibility study.
The study demonstrates a strong technical and economic case for underground development of Federation, in central western NSW about 10km from Aurelia's Hera mine.
It outlines pre-production of capex of $A108M for a development producing recovered metal of 44,000tpa zinc, 25,000tpa lead, 11,000oz gold and 74,000oz silver over 8 years.
The challenges of improving the mining performance and mitigating the impacts of cost pressures and labour shortages on its Peak, Hera and Dargues mines in NSW have caused Australian miner Aurelia Metals to post statutory net loss of $A81.7M for the year to end-June, down from its $42.9M profit a year earlier.
Aurelia posted FY22 underlying NLAT of $A1.3M (FY21: NPAT $57.4M) while underlying EBITDA was $142.8M ($168.6M) on revenue of $438.8M ($416.5M).
Australian miner Aurelia Metals can extend the life of its Peak gold and base metals operations in NSW to 2035 after gaining state government approval for its ambitious New Cobar Complex project.
The approval allows Aurelia to establish a new underground mine at the Great Cobar copper-gold deposit, with construction of an exploration drive anticipated mid-year.
Unexpectedly lower grades of mineralisation in part of its Dargues gold mine will see Australian miner Aurelia Metals record a $A60-80M non-cash impairment after tax in its end-June (FY22) results.
The final figure is subject to finalisation of Dargues mine planning and other financial outcomes.
They’re still keeping a wary eye on the skies, but Aurelia Metals has resumed processing at its Dargues gold mine in southern NSW after a brief shutdown forced by extreme rainstorms in eastern Australia.
While some underground production continued amid flooding of the decline and lowest development level, Aurelia halted processing on March 7 because the tailings storage facility had been filled to capacity by rainfall and runoff that raised the risk of an emergency water release.
Massive rainstorms along Australia’s east coast have led Aurelia Metals to suspend processing at its Dargues gold mine 60km SE of Canberra in NSW to avert possible floodwater overflow from its tailing storage facility.
Despite the record rainfall, underground mining has continued on a restricted basis. The main concern is the build-up of water in the tailings dam.
It says the dam’s structure is not at risk but the plant shutdown will continue until the weather allows processing to resume.