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Palabora Underground Production Progress
Release Date: 23/07/2003 07:00:04 Code(s): PAM
Palabora Underground Production Progress
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number - 1956/002134/06
Share Code: PAM ARC ISIN: ZAE000005245
("Palabora" or "the Company")
PALABORA UNDERGROUND PRODUCTION PROGRESS
Palabora today announced progress achieved during the second quarter of 2003
with the ramp up of its underground mine to design production levels.
As previously announced, production ramp up has been constrained by the
inability to clear drawpoints efficiently that have been blocked with poorly
fragmented, large rocks. Following a review in February 2003, the company has
taken a number of steps to improve production from the underground mine. As a
direct result of these steps, production levels of 15 000 tons per day have been
achieved on average during the second quarter of 2003. The underground mine
produced at an average rate of 16 300 tons per day in June, with a record single
day"s production rate of 24 410 tons achieved during the month. Further work is
ongoing in order to reach the target level of 30 000 tons per day by the end of
2003.
During the second quarter, the tonnage of total ore treated rose in line with an
improvement in underground production. Total ore treated includes material from
the open pit ramp scavenging operation and low grade stockpiles in addition to
underground ore. New copper-in-concentrate production was in line with ore
supply. Total concentrate smelted comprised run-of-mine production, the
processing of smelter secondaries, low grade concentrate stocks and imported
concentrate. Anode and refined copper production was in line with the
availability of concentrate.
As previously announced, the Company cautions that the aggregate impact of the
limited production from the underground mine and the strength of the Rand
against the US Dollar, partly offset by the cost saving actions taken by the
Company, will impact negatively on the earnings of the Company for the first
half of 2003.
Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Half 1 Half 1
2002 2002 2002 2003 2003 2002 2003
Mining
Ore treated ("000 2 005 2 722 2 648 2 453 2 726 4 563 5 179
tonnes)
Average ore grade: 0,66 0,54 0,56 0,59 0,60 0,72 0,60
copper (%)
Copper 35,9 40,5 35,7 35,3 38,2 91,8 73,5
concentrates
produced ("000
tonnes)
Average 31,2 29,9 31,9 31,5 32,7 31,3 32,1
concentrate grade:
copper (%)
Copper in 11,2 12,1 11,4 11,1 12,5 28,8 23,6
concentrates ("000
tonnes)
Smelter / refinery
New concentrate 64,5 68,7 59,7 57,5 73,7 130,2 131,2
smelted on site
("000 tonnes)
New copper anodes 23,1 22,5 18,9 15,8 20,1 40,9 35,9
produced ("000
tonnes) (a)
Refined new copper 22,0 23,0 20,4 15,9 19,2 38,2 35,1
produced ("000
tonnes)
By-products
Magnetite 49 31 40 44 51 101 95
concentrate ("000
tonnes)
Refined nickel 88 67 85 61 27 161 88
sulphate (tonnes)
Vermiculite plant
Vermiculite 57,1 62,5 59,8 51,2 53,9 101,1 105,1
produced ("000
tonnes)
(a) Contained copper in anodes; anode production includes a small amount
produced from purchased material.
For further information please contact the Managing Director, David Sadler, on
(015) 780 2802.
Phalaborwa
23 July 2003
Sponsor:
Barnard Jacobs Mellet Corporate Finance
(Proprietary) Limited
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