Altiplano Metals Inc (TSX-V:APN, OTC:ALTPF) has told investors it saw an 11% rise in material extracted and a 12% improvement on tonnes processed from its Farellon copper-gold mine in Chile in January 2022 compared to December 2021.
Grades at the mine in January also improved to 2.05% compared to 1.82% in December, which was put down to accessing higher grade material in the north-east sections of the mine in the 368 metre (m) and 360m levels, as well as bench mining of higher grades in the 389m level.
Revenue in January was also around 26% higher, at US$288,570 after processing costs, compared to December's figure of US$229,068.
"We are pleased that the productivity and grade continues to improve at Farellon," said Altiplano CEO Alastair McIntyre in a statement. "Our focus on grade improvement, particularly in a firm copper price environment, has a direct impact on higher revenues and supports our bottom line. This remains a priority as we focus on completing the construction phase at El Peñón and prepare to begin processing at the site."
The miner noted that at the end of January, a further 600 tonnes were stockpiled at Farellon and this revenue will be credited to the following months after processing.
In addition, 1,400 tonnes of low-grade copper/high-grade iron are stockpiled at site for processing at the El Peñón site when it is completed, it added.
At Farellon, Altiplano has generated, between the first quarter of 2018 and fourth quarter of 2021, more than US$7.98 million from the recovery and sale of 3.86 million pounds of copper with an average grade of 1.74%
Cash flow has been re-invested into equipment, underground drilling, expanding underground development and enhancing ventilation to increase productivity and capacity.
It has also been used for new underground development and exploration at Maria Luisa and the start of the permitted El Peñón fit-for-purpose mill and flotation plant, which is 15 kilometres from the mine site.
Contact the writer at giles@proactiveinvestors.com