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Cradle Arc reaches operational break-even at the Mowana copper project in Botswana

The ramp up at Mowana is continuing, with copper production in the second quarter likely to amount to 650 tonnes

Cradle Arc will be able to take advantage of tight copper supply conditions

Cradle Arc PLC (LON:CRA) expects to achieve project-level operational cash flow break-even at the Mowana copper project in the month of June 2018.

Cash generation is expected to improve throughout the second half of this year, with the mine expected to produce at least 5,700 tonnes of contained copper during the period.

WATCH: Cradle Arc’s CEO: “It’s a very important day for us”

The ramp-up of mining activities at the Mine re-commenced in mid-April 2018 following the announcement of the company's accelerated mine development plan and US$10mln in new secured debt funding.

Full re-commissioning to steady state operations of the process plant is expected to be achieved by the end of the second quarter of this year.

"Our new development approach for the Mowana mine is now delivering the increased production planned as a result of the accelerated mine plan announced in April 2018,” said Kevin van Wouw, chief executive of Cradle Arc.

"Although it is still relatively early in the ramp-up stage of operations under the company's revised mine plan, I am delighted that the key performance criteria set by the board are currently being met and backed-up by actual operational data. This is an opportune time to be bringing on additional production to the copper market - positioning the company to take advantage of currently tight global supply conditions."

In early afternoon trading, Cradle Arc shares were 8.7% higher at 6.25p.

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New mine plan delivering increased production for Cradle Arc Plc

Kevin van Wouw, Chief executive of Cradle Arc Plc (LON:CRA), discusses with Proactive's Andrew Scott the company's operations update and production guidance for 2018. Van Wouw's expecting to achieve project-level operational cash flow break-even at the Mowana copper project this...

on 29/6/18

2 min read