“We need to make the ultimate funding determination by the top of the (monetary) 12 months. It’s a two 12 months construct, then Eva Copper shall be in manufacturing,” Concord CEO Peter Steenkamp advised Reuters in an interview.
The mine is predicted to supply as much as 60,000 metric tons of copper yearly, he stated.
Early work, together with constructing entry roads, has began on the mission, reflecting Concord’s confidence it would go forward, he added.
Concord on Thursday posted 11.474 billion rand ($645.01 million) headline earnings within the 12 months ended June 30, a 132% enhance on the earlier 12 months, pushed by larger gold manufacturing, higher grades and file costs.
Consequently, Concord generated 12.7 billion rand working free money flows, an organization file.
The corporate stated it had a $700 million “struggle chest” made up of money and credit score amenities, to fund its initiatives together with Eva Copper and life extension at its Moab Khotsong and Mponeng gold mines in South Africa.
Concord declared a last dividend of 0.94 rand per share, up from 0.75 rand, however its share value fell 10% to a five-month low in mid-morning commerce after it forecast decrease output and better prices for the present monetary 12 months.
It expects gold manufacturing of between 1.4-1.5 million ounces within the 12 months to June 2025, after output rose 6% to 1.56 million ounces within the monetary 12 months simply ended. Concord’s common realized gold value elevated 16% as bullion costs surged to file highs.
Steenkamp stated Concord’s output would stabilize round 1.4 million ounces over the long run.
($1 = 17.7888 rand)
(By Nelson Banya; Modifying by Christian Schmollinger, Subhranshu Sahu and Christina Fincher)