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NQ Minerals eyes uplift at Hellyer as recoveries improve

NQ will also process the precious metal tailings at four different dumps that contain an estimated 700,000oz old and 32m oz silver.

NQ Minerals PLC - NQ Minerals eyes uplift at Hellyer as recoveries improve
NQ intends to extract the gold from tailings at Hellyer

NQ Minerals Limited (LON:NQMI) expects operations at Hellyer to settle down after a tricky re-start to operations at the polymetallic mine in Tasmania.

The base metal flotation circuit was commissioned in January, with revenues in the six months to June of £14.2mln.

Production over the half-year amounted to 10,164t of lead, 7,341t of zinc and 46,863t of pyrite.

Metallurgical recovery has improved since the half-year with lead averaging 41.9% in September and zinc 42.2%. 

"The company is also pleased to report that it is in advanced discussions to refinance its early-stage debt which reflects Hellyer's transition to an operating status with strong cash flows," said Brian Stockbridge, chairman.

Debt at the half-year was £65.6mln, but with production now picking up NEX-listed NQ believes it can get better financial terms that align it with cash flows from the mine.

NQ made some modifications to the processing plant during July and August, which has improved consistency and boosted production volumes.

“Combined plant and dredge tonnes in September have exceeded management expectations at this stage, with significant improvements in the recoveries of both lead and zinc over H1.” 

NQ will also process the precious metal tailings at four different dumps at Hellyer that contain an estimated 700,000oz old and 32m oz silver.

Losses in the six months to June were £17.9mln (£9.4mln).

Quick facts: NQ Minerals PLC

Price: 7.75 GBX

NEX:NQMI
Market: NEX
Market Cap: -
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