PanAust expects years of production growth

18 May 2012, 9:55 am   -   Source: AAP

Laos-focused copper and gold miner PanAust has confirmed its production will rise in the coming years as a result of an upgrade of its flagship mine.

Laos-focused miner PanAust expects production to rise in the coming years after an upgrade of its flagship copper mine.

PanAust is upgrading its Phu Kham mine to increase recovery rates of copper and gold, and recent tests have confirmed recovery will increase from the second half of 2013, the company said on Friday.

It has upgraded production targets from 2013 as a result.

PanAust forecasts production of between 63,000 and 65,000 tonnes of copper in 2012, and now expects production in 2013 to be between 65,000 and 70,000 tonnes.

In 2014, copper production is forecast to rise again to between 70,0000 and 75,000 tonnes.

Gold and silver production is also expected to rise, although no specific targets have been provided.

Processing costs will rise as a result of the recovery upgrade, but cash operating costs are expected to fall by more than five per cent once production lifts, PanAust said.

Chairman Garry Hounsell told the company's annual general meeting that a third production increase at Phu Kham may come from an underground mine development to exploit a newly discovered copper and gold deposit.

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