PALABORA MINING COMPANY LIMITED - FIRST QUARTER 20
PALABORA MINING COMPANY LIMITED - FIRST QUARTER 2004 OPERATIONAL REVIEW
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")
FIRST QUARTER 2004 OPERATIONAL REVIEW
Underground Mine
Completion of the undercut and extra crosscuts, coupled with the management of a
maturing cave, has resulted in improved copper grades which more than offset the
lower ore tonnages hoisted from the underground mine. A conveyor belt tear and
water ingress event disrupted the underground production. Additional secondary
breaking equipment has been ordered.
Underground Commissioned Target Anticipated Date
Undercut 119,339sqm 119,339sqm Completed Jan 2004
Draw bells 156 166 end June 2004
Crosscuts 18 20 end July 2004
The decision to proceed with the development of the 20th crosscut and an
additional eight drawpoints will defer the completion of the final drawbells and
development from April 2004 to end June 2004.
Copper Operations
Ore hoisted during the quarter of 1,833,000 tonnes, an average of 20,200 tonnes
per day, produced 35,900 tonnes of copper concentrates. Although ore hoisted was
lower than the previous quarter, the average copper grade of ore was 0.76%, an
improvement of 20.6%. Total concentrate smelted was 59,400 tonnes comprising
34,497 tonnes Palabora concentrates and 24,923 tonnes purchased concentrates.
Demand for rod and cathode remains high from the national market and copper
revenues continue to increase due to higher realised copper prices.
By-products
Magnetite sales were positively impacted by higher than expected proportions of
course export product for the steel-making industry.
Vermiculite Operations
Vermiculite production during the first quarter of 2004 was 38,425 tonnes. The
total tonnage met with market demands for the first quarter. Optimisation of the
entire process from the mine to the customer is currently being reviewed.
There have been no further developments on the sale of the ZBS (zirconium basic
sulphate) Plant.
.
For further information please contact the Managing Director, Keith Marshall, on
+27 (0) 15 780 2802.
Phalaborwa
21 April 2004
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
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