OTML posts 17% increase in export

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OK Tedi Mining Ltd (OTML) recorded a 17% increase in export shipments of copper/gold concentrates for the third quarter ending Sept 30.
During the quarter in review, the miner shipped a total of 161,419 tonnes for the two concentrates as against 133,481 tonnes shipped during the same period last year.
However, OTML said that the value of the shipment during the year was down 4% from the previous period.
The miner said the shipments year-to-date were affected by feeder vessel availability, low mill throughput due to fluorine and sulphur constraints.
Shipments were also affected by difficulties in navigating the Fly River due to a dry spell in the later part of the quarter.
OTML said on its website that copper production for the third quarter at 40,704t was in line with last year’s (40,692t), while gold concentrate was 9% lower at 122,214t during the third quarter this year as compared to 134,102t same period last year.
“Gold production for the quarter was negatively impacted by lower ore grade and lower recoveries from partially oxidised Taranaki ore,” the miner said.
Gold recovery for the year was on budget but lower compared to last year due to processing of partially oxidised Taranaki ore,” it said.