Aeris Resources Ltd (ASX:AIS) achieved copper production for the June quarter of 7,592 tonnes, an 11% increase on the previous quarter and the best quarter for FY2018.
Costs for the June quarter were $2.10 per pound for C1 cash costs and $2.79 per pound for all-in sustaining costs (AISC).
Aeris finished FY2018 with total copper production of 26,686 tonnes from its Tritton Copper Operations in New South Wales.
Multiple major milestones achieved in FY2018
A number of major capital investment projects were successfully delivered in FY2018, all of which represent a strategic investment in the future of Aeris’ Tritton Copper Operations.
The Tritton underground mine ventilation shaft was commissioned in September 2017 ensuring that production at Tritton can be maintained at more than one million tonnes per year as mining moves deeper.
The Murrawombie underground mine commissioned in FY2017 ramped up to full production levels during the year.
Finally, substantial investment in exploration identified a further 65 kilometres of geological trend strike and multiple new anomalies for further exploration in FY2019.
Strong financial position heading into FY2019
Aeris increased its cash and receivables position by $5.1 million to $29.8 million at the end of the June quarter.
This places the company in a strong financial position heading into FY2019 where the company is expecting copper production of 24,500 tonnes at a C1 cash cost of $2.75-$2.90 per pound.
READ: Aeris Resources identifies 28 anomalies at Torrens Copper-Gold Project
Aeris is also exploring for a large-scale iron oxide copper gold (IOCG) deposit within its Torrens Copper-Gold Project in South Australia.