Tiger Resources (ASX:TGS) continues to achieve nameplate copper cathode production rates of 25,000 tonnes per annum at its Kipoi Copper Project in the Democratic Republic of Congo.
The company is currently focused on paying back its debt and sorting a longer term facility.
This includes refinancing the US$100 million Taurus bridge facility which is due for repayment in mid-October 2015.
It is confident that this process is on track for completion during the first half of 2015.
The company will also seek to maximise efficiencies and cashflow from the installed solvent-extraction and electro-winning (SXEW) capacity at Kipoi.
Following the refinancing, Tiger will re-evaluate the development for the Kipo Phase 2 expansion, which has been postponed.
While the Kipoi Phase 2 expansion to 50,000tpa represents a low-risk, low capital intensity growth option with attractive returns, its postponement allows cash flow from copper cathode production to reduce the level of net debt.
In addition to the deferral of capital expenditure associated with the expansion, the current SXEW operations will continue to process ore from existing stockpiles at Kipoi, thereby extending the period before recommencing mining activities.
Kipoi Copper Project
In September, the SXEW plant reached and sustained its annual nameplate production rate of 25,000 tonnes of copper cathode.
Tiger stated it was confident of achieving its 2014 production guidance of 14,000 tonnes copper cathode.
First copper cathode was produced on 25 May 2014 with the SXEW plant officially opened on 11 October by the DRC Minister of Mines.
During the September quarter, the SXEW plant produced 5,620 tonnes of copper cathode at C1 costs of US$ 1.56 per pound.
Stacked ore grades averaged 2.31% copper, reflecting the lower average grade of the HMS floats material initially sourced and stacked on the heap leach early in the quarter.
Over the first 12 months of SXEW operation the stacked grades are expected to average 3%, being the average reserve grade of the HMS floats stockpile scheduled as ore feed to the SXEW heap leach operations.
Tiger Resources is company is focussed on paying back debt and sorting a longer-term facility.
The Kipoi Copper Project had achieved low operating cash costs of US$1.56 per pound during the September quarter and continues to produce at its nameplate rate of 25,000 tonnes of copper cathode per annum.
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