08 Sep 2014

The local copper miner, Discovery Metals Limited (DML) has reported a monthly record production for the month of August for its Boseto Copper Mine.

The North West based mine has produced 2 283 tons of copper which is 27.6 per cent higher than the monthly average during the fourth quarter of 2014. The record production for the miner followed that of July when the firm recorded a copper production of 2061 tons.

A statement from the firm quoted the company’s chief executive officer Mr Bob Fluker saying: “This is another important production milestone.”

He further pointed out that the recent announcement of the intention to commence underground mining would importantly deliver consistent higher grade sulphate ore to the concentrator which would reduce operating costs.

During the beginning of this year, DML, which has been under financial duress, was forced to retrench about 85 staff in an effort to improve the cost competitiveness of the mine and enhance production efficiencies.

Boseto Copper Mine Company’s operating costs, fuelled by the high costs of generating own electricity, collapsing copper prices and the company’s economic status, forced them to restructure.

During a previous interview, DML Country Manager Mr Mokwena Morulane highlighted that the company would need to up its production to mitigate its high costs.

The firm reported a $224.3 million loss in the 2013 financial year ending June, which followed $21.1 million loss recorded in 2012. ENDS