Ivernia (IVW-T, IVWFF-O) may have set a production record at its Magellan lead mine in Western Australia in the first quarter, but with the mine still closed due to a lead poisoning scare, the second quarter doesn’t look so promising.
Ivernia, which reported a net loss of $200,000 in the first quarter, mined 330,800 tonnes of ore, milled 367,700 tonnes and produced 20,200 tonnes of lead-in-concentrate. Over the same period last year, Ivernia mined 253.2 tonnes and produced 14.5 tonnes of lead-in-concentrate.
The company brought in revenue of $20 million from the shipment of 12,000 tonnes of lead-in-concentrate at an average sale price of 80 per lb. of lead metal compared with revenue of $17.1 million in the first quarter last year.
The average head grade was 7.4% lead with a 74.5% recovery rate. During the same period last year the numbers were slightly higher, with an 8.4% head grade and a 78.6% recovery rate.
Production for the second quarter won’t set any records as the mine was shut down temporarily on April 3 due to a lead poisoning scare at the port facility in Esperance. The mine will be closed for at least three to four months.
Ivernia is awaiting approval to use containers certified by the International Standards Organization for future shipments.
The company appeared before the Western Australia Parliamentary committee on May 2 regarding an inquiry being conducted into the lead poisoning incident. Ivernia admits that lead concentrate leaked beyond the port environment, but contends that it adhered to the agreement and guidelines set by the port facility.
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