: Nevada Copper talks plant restart, files Q3 result
Nevada Copper Corp. has provided an operations update and has filed its third quarter 2020 financial statements.
Q3 2020 Highlights
During Q3 2020, the Company made notable progress in its previously announced accelerated development plan, re-mobilized its workforce and re-started the processing plant at its underground project (the "Underground Project") on August 20, 2020. Milestones for the quarter include:
Mill Restart - On August 20, 2020, the Company restarted its processing plant at the Underground Project following the temporary suspension of copper production due to impacts of the COVID-19 pandemic. During the quarter, the processing plant continued to improve on its performance achieving single day throughput milestones of 4,440 tons (representing approximately 90% of design throughput). Processing plant performance continues to improve with recoveries increasing 10% in October when compared with September.
Concentrate Delivery - During the quarter, the processing plant processed 125,796 tons of blended material consisting of stockpiled low-grade mineralized material and development ore. Concentrate production in Q3 totaled 1,050 dry metric tons ("dmt") at 24.7% copper. The Company shipped a combination of inventoried material from April and current quarter production totaling 1,179 dmt at a concentrate grade of 22.4%. October concentrate shipments increased 166% from September and the Company continued to deliver on-spec copper concentrates to its offtaker, with the Company shipping 1,461 dmt at a concentrate grade of 25.5% copper during the month.
Main Production Shaft Equipping - The Company has completed equipping of the Main Production Shaft. Work is ongoing to complete the remaining loading pocket. By the third week of November the Company plans to use the Main Shaft to transfer materials, supplies and people, freeing the East North Vent Shaft to be used exclusively for development ore and waste movement, with a resultant expected increase in ore hoisting rates.
Lateral Development - Lateral development rates of the revised mine plan and hoist rates via the East North Vent Shaft are ahead of targets. Ore grades encountered in ongoing development continue to reconcile well to resource model grades, and hoisted development ore grades have increased in line with the commencement of stope development.
Mining - During the third quarter, the Company hoisted an average of a 1,000 tons of material per day from the East North Vent Shaft, which was approximately 30% better than planned hoisting rates. The Company has initiated mining activities in stope ore with stope development grades in October reaching over 2% copper equivalent.
Materials Handling - During the quarter, the surface materials handling infrastructure has been completed and moved into the permanent location and staged commissioning has commenced. The Company is testing the communication system and interactions of these sections to ensure ramp-up can be accelerated once the underground conveyor is installed later in Q4 2020.
YERINGTON, Nevada, 10. November 2020 (GLOBE NEWSWIRE) - Die Nevada Copper Corp. (TSX: NCU) (?Nevada Copper? oder das ?Unternehmen?) freut sich, ein Betriebsupdate zur Verfügung zu stellen und gibt die Einreichung ihrer Informationen bekannt Q3 2020 Jahresabschluss.
Ein Kollege berichtet von 2 Bergbauingenieuren, welche sehr sehr erfahren und seriös sind. Diese sind aufgrund von Informationen bei NCU eingestiegen.
Ich denke mal, dass die neue Finanzierung zum Abschluss kommt, wenn der Hauptschacht in Betrieb geht. Sicher wartet der Kreditgeber auf die Fertigstellung. Beim derzeitigen guten Kupferpreis, sollte es dann schnell aufwärts gehen.
Vielen Dank für die Info. Nachkauf denke ich ist riskant aber auch sehr erfolgsversprechend. Aber ich scheue das Risiko, werde nächstes Jahr wieder denken, hätte ich es doch getan. Ist mir mit BYD auch so gegangen, im Nachhinein ist man immer schlauer.
Hallo, ich habe im Moment 197.300 NCU - Aktien zum durchschnittlichen Einstandskurs von haargenau 11,00 Eurocent. -Der Wahnsinn, hab stetig nachgekauft- Ich habe folgende Verkaufsorder eingestellt, so lange wie möglich: 77.300 Aktien zu 12 Eurocent 120.000 Aktien zu 35 Eurocent
bei 12 Eurocent Reduktion des Kapitaleinsatztes, über 12 Eurocent werden die Optionsscheine gewandelt, deshalb hier wohl eine Barriere. 35 Eurocent nach meiner Rechnung höchst möglicher Kurs.
YERINGTON, Nev., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (?Nevada Copper? or the ?Company?) is pleased to announce the execution of binding agreements with respect to a financing package that will provide liquidity for the continued ramp-up of operations at the Company?s underground project (the ?Underground Project?).
The Company has entered into binding agreements with several of its existing financing partners to provide substantial additional liquidity to the Company for completion of the ramp-up of its Underground Project. The financing package will consist of the following components:
new cash resources of $31,000,000 with a blended headline interest rate margin of 7%, of which approximately $9,000,000 has already been advanced to the Company since the beginning of November 2020;
amendments to the Company?s senior credit facility providing a further $26,000,000 in increased liquidity in the form of deferral of debt service payments; and
up to an additional $25,000,000 of undrawn liquidity (including the accordion feature described below), available to the Company to assist as required with completing the ramp-up of operations at the Underground Project.
The financing package provides a significant increase in balance sheet flexibility through four complementary facilities. The financing package includes the following elements:
$15,000,000 increase to seniorcredit facility: the Company?s senior lender, KfW IPEX-Bank (?KfW?), has agreed to provide an additional $15,000,000 under the existing senior credit facility (the ?KfW Facility?) and defer $26,000,000 of planned debt service under the KfW Facility until 2023;
$5,000,000 increase to working capital facility: the Company?s offtaker, Concord Resources Limited (?Concord?), has agreed to provide access to an additional $5,000,000 under the existing working capital facility (the ?Working Capital Facility?);
$26,000,000 extension of unsecured debt: the Company?s largest shareholder, Pala Investments Limited (?Pala?), has agreed to provide a three-year $26,000,000 unsecured loan facility, which extends and replaces existing loans, including those under promissory notes, advanced by Pala to the Company and provides a new advance of $7,000,000; and
$5,000,000 cost overrun facility: in connection with the increase to the KfW Facility, Pala has also agreed to provide a corporate guarantee for a committed cost overrun contingency of $5,000,000 in connection with the completion of the ramp-up of the Underground Project (the ?COF?).
Mike Ciricillo, Chief Executive Officer of Nevada Copper stated: ?On behalf of the entire Company, I want to sincerely thank KfW for its ongoingsupport of the Company. The package not only meets the projected requirements of the ramp-up, but provides additional contingency headroom for the Company.?
Commenting on the ramp-up plans he added: ?With the Main Shaft materials handling system on track for mechanical completion in December, we expect to see hoisting rates increase significantly as planned in the coming weeks during final commissioning. Along with this significant milestone, the positive conclusion of KfW?s independent engineer review further validates our ramp-up plans.?
As previously announced, the Company completed a geotechnical review and elected to reduce the size of certain early stopes in a localized area where initial ramp-up ore is planned. While the move to initially smaller stopes in the Upper East South zone will further de-risk the Underground Project and does not affect the life of mine resource, the change has increased the Company?s costs in the short-term. The Company expects that the new financing package will address the cost increases resulting from the geotechnical changes and enable the Company to complete the ramp-up of the Underground Project.
The Company expects to close the financing package by the end of 2020 and will continue to review opportunities to supplement and optimize the financing package.
Nevada Copper Corp. (TSX: NCU) (OTC:NEVDF) (?Nevada Copper? or the ?Company??) is pleased to announce the completion of the underground materials handling system of the main shaft. The materials handling system represents a significant milestone in the construction of the Company?s underground project which included sinking the vent shaft, sinking the main shaft, and construction of the processing plant. The completion of this milestone allows for a significant increase in hoisting rates, from currently 1000 tpd to ultimately 5000 tpd once commissioning and ramp-up are completed. This is expected to enable the underground mine to deliver substantially higher volumes of ore directly from the mine to the processing plant.
Mike Ciricillo CEO of Nevada Copper comments, ?I am very pleased we have achieved this construction milestone.With the completion of the materials handling system, we can now utilize the full hoisting capacity of the main shaft as we ramp up the mine towards full production.The team, both Nevada Copper and contractor employees, worked hard, worked together, and more importantly, worked safely, to achieve this result.I?m proud of the team and proud to be a part of Nevada Copper.?