The miner produces copper out at the Tritton and Murrawombie underground mines in NSW
Collectively known as the Tritton Copper Operations, the mines produced 26,852 tonnes of copper last financial year at C1 costs of $2.78 (US$1.88) a pound
The company hopes to produce copper in FY20 for $2.80 to $2.95 a pound, or about 77% of the current copper price
Copper miner a “reliable” performer
The Tritton Copper Operations continue to deliver outstanding and reliable performance, with the above guidance production being the result of on-plan ore production and higher than planned copper grades from both the Tritton and Murrawombie underground mines.
Executive chairman André Labuschagne
What does Aeris Resources do?
The ambitious company is keen to grow its business with near-mine projects that draw on existing infrastructure and drive shareholder value.
Brisbane-based Aeris is looking for mergers and acquisitions opportunities and assessing gold and base metals projects as part of a growth plan backed by its board and significant shareholders.
The company is led by its executive chairman of seven years André Labuschagne, a mining executive with more than 25 years’ experience in the industry.
Labuschagne previously led Norton Gold Fields as its managing director and was a Mount Morgan Mine project director.
He has held key leadership positions during his career, including chief operating officer, chief financial officer and chief executive officer.
What does Aeris Resources own?
The key producing asset is the Tritton Copper Operations in New South Wales.
More than 750,000 tonnes have been discovered on the NSW tenement package which includes two main deposits.
The copper-dominant Tritton deposit has more than 20 million tonnes while Murrawombie more than 10 million tonnes.
Earlier this year Aeris identified 25 new anomalies at the mine through an airborne electromagnetic (EM) survey of 617 square kilometres at the northern end of the tenements designed to find deep conductor bodies.
Aeris beat forecasts with 2019 financial year production of 26,852 tonnes of copper for the company at a C1 direct cash costs of $2.78 (US$1.88) a pound at the across the two-mine operation.
The current copper price is about US$2.60 a pound ($3.84).
Production guidance improved during the financial year after the producer achieved better copper grades and strong production performance at both Tritton and Murrawombie.
Tritton has regional exploration prospects of value to Aeris, such as the Kurrajong prospect where the company has set an exploration target of between 3 and 4 million tonnes at a 1.5-2% copper grade.
Another asset for Aeris is the Torrens Copper Project joint venture in the Olympic Dam province of South Australia.
Torrens is near BHP’s standout iron oxide copper-god (IOCG) discovery Oak Dam West.
Aeris had $22.5 million cash and $4.1 million in copper concentrate receivables at the end of June 2019.
It hopes to achieve full-year copper production guidance of 24,500 tonnes in financial year 2020 at C1 cash costs of $2.80 to $2.95 a pound.
The top of the C1 cost range is 77% of the current copper price.
- Tritton operations production milestones
- Shareholder support for Aeris corporate strategy
- Mergers and acquisition activity
- Copper market sentiment
- Major miner interest in Aeris and Argonaut
- Regional successes at Tritton and secondary project success at Torrens