Metals Acquisition recently released a market update on the progress of the CSA Copper Mine for the September quarter. This marked the first full quarter of CSA's ownership under the parent company.
September Production Highlights
During the September quarter, Metals Acquisition achieved its highest quarterly copper and silver production for 2023. The company reported a production of 9,845 metric tons of copper and 115,000 ounces of silver during this period.
While the operations team delivered a commendable result, there was a slight setback in September due to a four-week delay in accessing a high-grade stope. This delay was caused by a regulator-imposed prohibition notice relating to ventilation requirements. However, the company has taken immediate action to mitigate the risk of such prohibitions occurring in the future.
The CSA Copper Mine has an annual turnover of approximately 70 stopes, with the top five or six stopes accounting for up to one-third of the contained metal mined. Hence, any delays in accessing these high-grade stopes can have a short-term impact on production. Fortunately, access to this stoping area has been restored, allowing the extraction of high-grade material with a copper content exceeding 4%.
Regarding copper prices, Metals Acquisition noted that the average received copper price remained relatively flat quarter-on-quarter and experienced a slight decline compared to the first quarter. This trend is aligned with market prices.