PRECIOUS METALS

Alacer shares surge on Copler milestone

Canadian miner declares commercial production at Çöpler and lifts oxide gold guidance 35%

Alacer's Çöpler’s sulphide plant achieved commercial production criteria on May 31

Alacer's Çöpler’s sulphide plant achieved commercial production criteria on May 31

Alacer said Copler's sulphide plant achieved commercial production criteria on May 31, averaging 80% throughput.

For May the plant recorded gold recovery of 93%, producing 22,000oz gold, which the company said were in line with expectations.

"We continue to tune and optimise the plant and expect quarter-on-quarter improvements over the remainder of 2019. Performance to date provides us with the confidence to reaffirm sulphide plant production and cost guidance for 2019," CEO Rod Antal said.

Alacer last year completed construction of the US$660 million project $84 million under budget, with operations starting in the September-quarter.

The sulphide expansion complements the initial oxide plant and is expected to add 3.5Moz to Alacer's production profile for the 20-year life of the operation.

The plant is expected to produce gold at an all-in sustaining cost of $645/oz.

Alacer said expected oxide output was now 125,000-145,000oz versus 90,000-110,000oz previously. Exploration success in-pit, positive reconciliation of oxide-reserve ounces and better recoveries from blended ore have increased oxide ore volumes available for processing.

The oxide AISC guidance is forecast to be $50/oz lower at between $650-$700/oz.

Alacer shares jumped 15% or C56c higher Thursday to $3.72, capitalising the company at $1.2 billion.

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.