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Freehill Mining sets monthly revenue record at magnetite operation in Chile

Trial mining nets more revenue in January than in December 2017 quarter.
Yerbas Buenas mine
The company is upgrading and improving the crushing circuit

Freehill Mining Ltd (ASX:FHS) has achieved record monthly revenue from trial mining at its magnetite iron ore operations in Chile.

January revenue from the Yerbas Buenas mine was US$275,000 compared to revenues for the entire December 2017 quarter of US$254,000.

Institutional funding support received during December 2017 allowed Freehill to make upgrades and improvements to the crushing circuit.

Quality of product improved

As well as achieving an increase in volumes this also improved the quality of product and operating cash margins.

The upgrades and improvements are part of an ongoing strategic review and provide evidence that incremental capital improvements can generate results.

Further near-term operational improvements are expected as Freehill continues to optimise its funding platform via operational cash flow and accessing available capital through funding partners.

Feasibility study for expanded operation

As well as optimising trial mining, the company is also progressing a feasibility study for an expanded mining operation.

Exploration activities are also being advanced.

The Yerbas Buenas project is owned by two of Freehill’s Chilean incorporated subsidiaries, Yerbas Buenas SpA and San Patricio Mineria SpA.

The operations involve mining magnetite iron ore from hard rock and sands at the surface.

Potential for other resources

Other resources have been identified as potentially present at the 398-hectare project area.

Freehill completed a fundraising of $4.02 million in January 2017 to complete the acquisition of the Yerbas Buenas mine.

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Freehill Mining Timeline

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