Xepon mine yielding solid returns
Xepon mine yielding solid returns
MMG Lane Xang Minerals Ltd. reported last Thursday that copper production at their Xepon mine was seven percent higher in the first quarter of 2013 than the same period last year.
The company reported that it produced 20,480 tonnes of copper cathode for the first quarter of 2013 in Savannakhet province. However, gold production was down seven percent on the previous quarter.
Copper production was seven percent higher than the same quarter last year due to improvements in output. During this quarter, the annual copper processing plant maintenance shutdown was also conducted.
However, the report noted that gold production was seven percent below the previous quarter due to lower head grade and lower recovery, which is the percentage of valuable metal in the ore recovered during processing.
The company's Superintendent of Communications, Mr Somsavath Phanthady, said yesterday that the previous quarter's gold produc tion was 9,717 ounces. Currently, the company is continuing exploration in order to secure gold resources which would extend the life of the plant, the report indicated.
Mr Somsavath said that copper production was 86,295 tonnes and gold production was 70,275 ounces last year.
MMG reported that it expects to produce about 83,000 to 88,000 tonnes of copper cathode and about 45,000 to 55,000 ounces of gold in 2013.
The company's major shareholder is China Minmetals Corporation (CMC), one of China's major multinational state-owned enterprises.
MMG Limited is a base metals mining company listed on the Hong Kong Stock Exchange (Stock Code: 1208). Their ultimate controlling shareholder is CMC with just over 72 percent, and public shareholders make up the rest at 28 percent, which includes global resources and investment funds.
MMG was formed in June 2009 after CMC purchased the majority of assets from OZ Minerals. In December 2010, MMG was acquired by Minmetals Resources Ltd., a company listed on the Hong Kong Stock Exchange.
In September last year, the company changed its registered English company name from Minmetals Resources Limited to MMG Limited.
vientiane times
