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HGO, HILLGROVE RESOURCES LIMITED
abner29
post Posted: Dec 1 2012, 06:37 AM
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Kanmantoo delivers more copper for Hillgrove By: Esmarie Swanepoel 30th November 2012
PERTH (miningweekly.com) - Copper miner Hillgrove Resources on Friday reported a 15% increase in production at its Kanmantoo copper mine, in South Australia, for the three months to October. Hillgrove noted that mine production over the quarter reached a new record of some 3.5-million tons, with total ore mined for the period reaching 757 000 t, of which 552 000 t was delivered to the run-of-mine stockpiles and a further 205 000 t was delivered to the long-term stockpiles.

Crushing at the Kanmantoo operation also continued to improve, owing to the integration of the auxiliary and fixed jaw crusher. The mill was also relined for the first time during October.

The 15% increase in copper concentrate production, to 3 994 t of copper, over the 3 473 t produced in the previous three months, was as a result of a lift in mill feed grade, as well as improved copper recoveries and higher mill throughput rates, said Hillgrove.

The Kanmantoo mine was now targeting a throughput of some 2.8-million tons a year, to produce around 80 000 t of concentrate a year.

Edited by: Creamer Media Reporter

 
macduffy
post Posted: Oct 13 2012, 09:16 AM
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In Reply To: abner29's post @ Oct 13 2012, 07:14 AM

Should we be surprised that gold contributed only $3.7m of the total $50m revenue earned for the period? I had the impression that Kanmantoo was a relatively gold-rich copper/gold deposit.
Big start-up costs during the 6 months, of course, but the challenge now is to get costs under control and turn that loss into a profit!

 
abner29
post Posted: Oct 13 2012, 07:14 AM
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Kanmantoo boosts Hillgrove revenue By: Esmarie Swanepoel 12th October 2012
PERTH (miningweekly.com) – Base-metals miner Hillgrove Resources has seen a meteoric rise in revenue for the half year ended July, reporting revenue of A$50.1-million, compared with A$1.3-million in the previous corresponding period, as its Kanmantoo copper mine, in South Australia, came on stream. The miner said on Friday that investment in the mine and expenses associated with bringing Kanmantoo into production resulted in a loss of A$14.7-million for the period, compared with a profit of A$0.5-million in previous corresponding period.

During the six months to July, Hillgrove produced 23 596 t of copper concentrate, which contained 6 154 t of copper, 2 491 oz of gold and 52 858 oz of silver.

“The company is focused clearly on the objective of growing cash-flow from Kanmantoo. Hillgrove will continue to consolidate the significant operational gains at Kanmantoo to achieve the targeted annual production levels projected for the mine and resulting revenue,” said CEO Russell Middleton.

He noted that in the last two months, the company had seen significant improvements across a number of Kanmantoo’s key performance areas as management focused on steady production improvements and maintaining design throughput-levels.

“I am pleased to advise stakeholders that Kanmantoo is well positioned to deliver in excess of the original throughput target of 200 000 t/m and in doing so, to ultimately produce between 70 000 t and 80 000 t of concentrate in a full year of production,” said Middleton.

Meanwhile, based on the recent performance of the Kanmantoo operation, Hillgrove was planning to progress the replacement of the primary crusher.

Middleton said that the capital expenditure to install the new primary crusher was around A$3.3-million, but noted that the new crusher would reduce the unit cost of production, with a payback of less than 12 months.

The new crusher would also provide a surge capacity and additional throughput to match the potential increase of the mill to 2.8-million tons a year.

Edited by: Mariaan Webb


 
melua
post Posted: Jul 14 2012, 01:35 PM
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In Reply To: abner29's post @ Mar 9 2012, 05:45 AM

Regarding Burnakura (KGL), a sobering thought might be to look at what's been happening to a few low grade producers recently. Have a look at HGO. It's actually not a bad project at all yet they are getting killed due to very high costs of doing business in Australia. Australia might not have political risk per se like Africa or other jurisdictions, but it's VERY risky mining for gold in this country if your grades are low when you see companies like HGO getting into trouble despite the gold price being nearly $1600/oz.


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abner29
post Posted: Mar 9 2012, 05:45 AM
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HGO current presentation

http://www.stocknessmonster.com/news-item?...GO&N=670538

 
nebo
post Posted: Mar 5 2012, 05:55 PM
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In Reply To: dr_dazmo's post @ Mar 5 2012, 03:46 PM

About to be included in ASX 300 come the 17th.

Also Gold take off agreement for the concentrate announced this last week.

Regards,
Nebo

 

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dr_dazmo
post Posted: Mar 5 2012, 03:46 PM
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In Reply To: nebo's post @ Jan 25 2012, 02:37 PM

Hi All,
I see Shaw Stockbroking have a "Buy" recommendation on HGO with a target of $0.46.

Cheers
Dr_Dazmo



--------------------
Always remember the Golden Rule - Those with the Gold make the Rules!

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nebo
post Posted: Jan 25 2012, 02:37 PM
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In Reply To: abner29's post @ Dec 10 2011, 02:41 AM

First part payment announcement.

75% of take off sitting on dock at Adelaide.

Drilling in Indo, good to see positive news from HGO.
regards,

Nebo


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abner29
post Posted: Dec 10 2011, 02:41 AM
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Hillgrove secures financing for Kanmantoo costs By: Esmarie Swanepoel 9th December 2011 PERTH (miningweekly.com) - ASX-listed Hillgrove Resources on Friday reported that it was “well advanced” with negotiations to secure additional project and liquidity facilities to cover the 10% cost increase at its Kanmantoo copper project, in South Australia.

During November, the copper miner reported a A$10-milllion increase in the construction costs for Kanmantoo, to some A$135-million, owing to a late and unexpected claim from a contractor.

HIllgrove said on Friday that the first phase of project and liquidity facilities had been successfully completed through the acceptance of a A$10-million Mezzanine facility arranged by Macquarie Bank.

This facility would be drawn before the end of December.

In addition, Hillgrove has negotiated with its bankers a temporary reduction of A$5-million in the minimum proceeds account balance for the Kanmantoo project.

MD Drew Simonsen said in a statement that the Mezzanine facility would provide additional funding for Hillgrove, thereby restoring working capital and liquidity, and when combined with the temporary reduction in the proceeds account, would enable the company to progress exploration in Kanmantoo and Indonesia, and provide general corporate expenses.

“The financing plan we have developed and are now implementing represents a good outcome for shareholders. We believe Hillgrove’s existing financiers have demonstrated their confidence in the project and the company by providing their continued support.”

Simonsen noted that discussions were also continuing with the relevant contractor in relation to the unforecasted claim. At this stage, the company believed that a mutually agreed outcome was likely.

“The Kantmantoo project has been commissioned, and while the contractor remains on site pending final completion of outstanding construction items, the project is now operating primarily under Hillgrove management control,” said Simonsen.

The Kanmantoo operation is an opencut mine with an initial throughput of 2.4-million tons a year, producing around 80 000 t of concentrate, containing 20 000 t of copper metal and 10 000 oz of gold a year.

“The project outlook is very good and on December 7, the project crushed and milled record tonnage representing around 90% of the design throughput, a very good result at this stage of commissioning.

“We now have over 700 t of concentrate, grading more than 30% copper and 6 g/t gold in the storage shed at Kanmantoo. While early days, these concentrate grades are in excess of our expectations,” he added.


Edited by: Creamer Media Reporter

 
nebo
post Posted: Dec 6 2011, 05:25 AM
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In Reply To: Commander C's post @ Dec 2 2011, 03:16 PM

Commander,

yes i hold, (longer term fund, not trading fund, trading i was stopped out but long term i have wider stops and more generous attitude).

Copper price has smashed us down, (most people not realising a lot of production is hedged at the higher levels).
Is common on crossover from explorer to builder to operation as things can and do go wrong, to be sold down.

6 months should see a difference as cash flows start to come in and people who are excluded from buying on negative cash flows start to look at it.

The markets (and the world) is an interesting place at this time.

Regards,

Nebo

 
 


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