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Xtract gets green light to re-start Chepica processing

Ore will start to be processed again tomorrow morning (5 February).

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Chepica should be back to full capacity in a few days

Xtract Resources (LON:XTR) has been granted permission to re-start its processing plant at the Chepica gold mine in Chile.

Ore will start to be processed again tomorrow morning and be back to full capacity in a few days, Xtract said.

The plant was shut in December following the deaths of two employees in an accident at the site. Since then, Xtract has been stockpiling ore it has been mining.

After a final visit by Chile’s Inspector of Mines to inspect recommended remedial work, both it and the Inspector of Works gave permission for the processing plant to restart said Xtract.

Broker SP Angel said Chepica’s production base has been expanded through the opening up of additional levels and working faces and exploratory drilling.

Analysis of historical information has demonstrated the mineralisation extending up to 200m below current workings, but challenges remain in improving grades and recovery rates in the plant though Xtract has already achieved significant improvements, said the broker.

Shares rose 5% to 0.21p.

Quick facts: Xtract Resources PLC

Price: 1.425 GBX

LSE:XTR
Market: LSE
Market Cap: £6.52 m
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