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NQ Minerals highlights improving performance at Hellyer operation

Lead, zinc and pyrite volumes were all higher through the second quarter and the trend is seen to continue for the third.

NQ Minerals PLC - NQ Minerals highlights improving performance at Hellyer operation

NQ Minerals PLC (NEX: NQMI) highlighted an improved performance through the second quarter as it released interim results for the first six months of its financial year.

Moreover, the mining firm said it anticipates a continuing positive trend in the third quarter.

It noted a rise in quarterly lead concentrate production at the Hellyer mine to 5,452 tonnes, up from 4,712 tonnes in the preceding three months – leading to 10,164 tonnes for the first half.

READ: NQ Minerals gets option over Tasmania Energy Metals’ assets

Similarly, 4,416 tonnes of zinc concentrate was added to a first quarter tally of 3,015 tonnes to give 7,431 tonnes for the first half.

First half pyrite concentrate output totalled 46,863 tonnes, with 28,375 tonnes added in the second quarter.

NQ’s Hellyer Gold Mines subsidiary generated A$23mln of sales and reported a A$7mln gross profit, and an operating profit of A$3.6mln.

The company noted that in March it started talks over a refinancing of prior acquisition and project start-up debt and the process is continuing.

“This refinancing reflects Hellyer's transition to an operating status and the opportunity to reduce interest costs and better align the maturity of financing with operating cash flows,” NQ said.

“Due diligence in this regard proceeded with a detailed technical and operation review at the Hellyer site during the July with commercial discussions are ongoing.”

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Price: 7.5 GBX

NEX:NQMI
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