Erdenet Mining Corporation extracts 19.4 million tons of ore
Erdenet Mining Corporation reported that it has overperformed the ore mining plan, extracting 19.4 million tons of ore and processing 18.4 million tons by June 20...
Erdenet Mining Corporation reported that it has overperformed the ore mining plan, extracting 19.4 million tons of ore and processing 18.4 million tons by June 20.
The ore mining plan was fulfilled by 100.1 percent, according to the company.
In the first 20 days of June, the company expected copper content in the ore to be around 87.4 percent but it was higher, reaching 87.7 percent. The molybdenum content was also higher, amounting to 52.6 percent, up by 4.1 percent compared to the original plan.
The mining company has continued to increase and improve its operations over the years. Last year, Erdenet’s mining team mined over 37 million tons of ore and processed 32 million tons, recorded an alltime high in ore extraction and processing.
“Miners exceeded all production plans by more than 6 percent, extracting 37.2 million tons of ore and processing 32.2 million tons, which was a historic achievement. Sales revenue reached 2.2 trillion MNT and net profit exceeded expectations by 74 percent last year. We centralized 961.7 billion MNT to state and local budgets,” said General Director of Erdenet Kh.Badamsuren.
The company met its Q1 2020 production targets by more than 100 percent, resulting in positive financial and economic performance. Despite a sharp drop in world copper prices, which averaged 5.9 percent lower than planned in the first quarter, Erdenet exceeded its sales target by 1.7 percent. The cost plan was reduced by 2.7 percent, which resulted in 28.2 percent higher net profit compared to the original plan. The company also boosted its production by 3.9 percent.
According to Chief of Mineral Processing plant M.Otgon, production is continuing normally but there’s high chance for it to become limited if the supply of standardized materials is not accelerated in the future.
MAJOR PROJECTS KICK OFF
On Tuesday, Erdenet held an opening ceremony for largescale projects planned through 2031.
The company plans to raise its mineral
reserves, introduce cyclic flow transportation technology in the open pit mine, expand refinery, repair and expand the mechanical woodworking department, begin cathode copper production, and build a metallurgical-chemical plant for processing copper concentrate.
Officials underlined that these projects will help fully survey the ore body of Erdenet Ovoo mine, open opportunities to increase mineral resources, and operate with a comprehensive structure certified by the international JORC standard.
Through a technological reform, Erdenet intends to cut production costs by up to 20 percent and ore processing costs by 10 percent. This would increase the efficiency of the company and enable it to operate sustainably for a longer time.
More than 800 new jobs are now available with the launch of the new projects, according to officials.
Erdenet invested around 410 billion MNT in technological reform and social development last year. This year, it plans to double the investment and carry out largescale projects with 830 billion MNT.