CuDeco ships record load of copper
COPPER producer CuDeco has made a solid start to FY18 – sending a record $17 million shipment of copper from Townsville to China.
The Brisbane-based company said the 8620-tonne shipment, containing 2039 tonnes of copper at an average grade of 26.17 per cent, left the Port of Townsville earlier this month.
It said the shipment, from its Rocklands processing facility near Cloncurry, which also included 744 ounces of gold, was worth $17.4 million based on spot pricing.
Chief executive Mark Gregory said the copper grade was in its forecast range of 25 to 30 per cent. “Lower concentrate grades increase net costs per tonne of copper metal shipped and reduce revenue payable,” he said.
“This shipment is getting pretty close to achieving the optimal economic outcome and represents a very solid start to the new financial year.”
CuDeco’s final quarterly report for FY17 reported net revenue of $31.6 million and production of 17,692 tonnes of copper concentrate containing 4502 tonnes of copper.
CuDeco has battled a series of problems this year.
In February it was ordered to shut down its Rocklands operation for eight days after failing a safety audit.