29Metals holds guidance as maintenance weighs on September quarter output
- 29Metals produced 4.2kt of copper and 2.0kt of zinc at Golden Grove during the September quarter while maintaining full-year production guidance.
- The company held total group liquidity of $142 million at Sept. 30, down from $202 million at June 30.
- Operations are set to ramp up in the December quarter following a planned 11-day maintenance shutdown and the restart of Xantho Extended mining.
29Metals (ASX:29M) reported copper production of 4.2kt and zinc output of 2.0kt at its Golden Grove operation for the September quarter, keeping its full-year guidance intact despite lower production volumes caused by scheduled maintenance.
Quarterly copper output dropped from 4.8kt and zinc from 3.1kt in the June quarter due to a planned 11-day plant shutdown and lower opening run-of-mine ore stocks.
"We safely executed a planned 11-day maintenance shutdown at Golden Grove during the Sep-Qtr, an important achievement that will allow a strong quarter to come," said 29Metals CEO James Palmer.
C1 costs increased to US$5.24/lb copper sold from US$4.64/lb in the prior quarter, driven directly by the reduced sales volumes during the maintenance window.
The mining business reached an agreement to sell the Redhill asset to Narryer Metals Limited for upfront equity consideration alongside milestone-linked contingent payments.
Following the announcement the 29Metals share price was unchanged at $0.29.
At the Capricorn Copper property, water levels continue to be reduced to support a future operational restart decision.
The company stated that the restart definitive feasibility study for Capricorn Copper remains on track for completion by the end of 2026.
