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Frontier Mining looking for strategic partner at Benkala

Frontier Mining looking for strategic partner at Benkala

Copper miner Frontier Mining (LON:FML) is looking to partner with an experienced, well capitalised operator at its Benkala operation in Kazakhstan.

The firm has had approaches in recent years and has appointed advisers to engage with the most appropriate partner, who can bring technical expertise and large scale project management, it said in its latest half year report.

Revenues from current production cover the mine's operating costs, but do not cover interest and debt repayment obligations and other admin costs, Frontier noted.

The firm also noted that during the first half, production had exclusively been from ore stacked before the end of 2013.

In the six months to end June, revenue was US$3.47 million compared to US$2.76 mln in 2013, the company said.

181,326 tonnes of ore were mined and 165,947 tonnes were stacked, while 511 tonnes of copper cathode were sold, with an average sales price of US$6,784 per tonne.

The average cost of production, excluding general and administrative costs, was US$4,353 per tonne - more than 2013 mainly due to higher costs during the winter, the firm said.

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Frontier Mining Timeline

January 23 2015

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