| Mon 20 Oct 2003, 17:20 | | PALABORA MINING COMPANY LIMITED - THIRD QUARTER PR |
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PALABORA MINING COMPANY LIMITED - THIRD QUARTER PRODUCTION STATISTICS
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number - 1956/002134/06
Share Code: PAM
ISIN: ZAE000005245
("Palabora" or "the Company")
THIRD QUARTER PRODUCTION STATISTICS
Palabora today announced production volumes for the third quarter of 2003.
Production from the underground mine improved by 22% to an average rate of
18,355 tons of ore per day during the third quarter compared to an average of 15
000 tons of ore per day in the preceding quarter. During this period record
production rates of 30,038 tons in one day and 20,900 tons of ore per day on
average in one week were achieved.
The tonnage of ore treated rose during the third quarter in line with increased
underground and pit ore production. New copper in concentrate production was in
line with ore supply and recoveries increased following the introduction of a
finer grind. Total concentrate smelted comprised run-of-mine production, smelter
secondaries and imported concentrate. Smelter throughput was reduced in the
third quarter as a consequence of the annual acid plant and statutory waste heat
boiler shutdown.
Vermiculite production is stable and the reconfigured plant continues to meet
market demand. Production during the third quarter of 2003 was reduced in order
to lower supply chain inventory levels.
ZBS production for the period has been constrained by changes in the structure
of the market for this product in terms of product specification, sales prices
and input prices.
As previously announced, the Company cautions that the aggregate impact of the
strength of the Rand against the US Dollar, the limited production from the
underground mine and the commencement of depreciation of the underground mine
capital costs, partly offset by the cost saving actions taken by the Company,
will impact negatively on the earnings of the Company in 2003.
Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 9 9
mths mths
2002 2002 2003 2003 2003 2002 2003
Mining
Ore treated ("000 tonnes) 2 722 2 648 2 453 2 726 3 398 7 285 8 577
Average ore grade: copper (%) 0,54 0,56 0,59 0,60 0,53 0,65 0,58
Copper concentrates produced 40,5 35,7 35,3 38,2 43,5 132,3 117,0
("000 tonnes)
Average concentrate grade: 29,9 31,9 31,5 32,7 32,9 30,9 32,4
copper (%)
Copper in concentrates ("000 12,1 11,4 11,1 12,5 14,3 40,9 37,9
tonnes)
Smelter / refinery
New concentrate smelted on 68,7 59,7 57,5 73,7 64,0 198,8 195,2
site ("000 tonnes)
New copper anodes produced 22,5 18,9 15,8 20,1 19,4 63,4 55,3
("000 tonnes)
Refined new copper produced 23,0 20,4 15,9 19,2 17,4 61,2 52,5
("000 tonnes)
By-products
Magnetite concentrate ("000 31 40 44 51 53 132 148
tonnes)
Refined nickel sulphate 67 85 61 27 26 228 114
(tonnes)
Vermiculite plant
Vermiculite produced ("000 62,5 59,8 51,2 53,9 32,5 163,6 137,6
tonnes)
For further information please contact the Managing Director, David Sadler, on
(015) 780 2802.
Phalaborwa
20 October 2003
Sponsor:
Barnard Jacobs Mellet Corporate Finance
(Pty) Limited
