Group 6 Metals (ASX:G6M) has set several monthly records for production at its Dolphin Tungsten Mine on King Island, Tasmania, extracting 49,609 tonnes of ore, with an average tungsten oxide (WO3) grade of 0.48%.
With the refurbishment of the two ball mills completed during February 2024, the $54.21 million market capitalisation company reports the plant set new records for March, with the monthly throughput reaching 43 tonnes per hour and plant utilisation of 77%.
As a result, a record volume of ore was processed of 24,515 dry metric tonnes — a 49% increase compared to February 2024 and 44% higher than November 2023.
Managing Director and CEO Keith McKnight says the results in March are considered ‘significant improvements’ across all facets of the operation, where several operational records have been broken.
“The team is focused on maintaining the mining team’s momentum and improving the throughput and recoveries from the plant,” McKnight says.
“I am looking forward to mining and processing the higher grade ores, which will improve recoveries and, subsequently, the tungsten concentrate produced and sold.”
Today (16 April 2024), Group 6 Metals’ share price rose 11.11% to $0.060 as of 11am AEST.
The company reports 97 dry tonnes of tungsten concentrate were produced during March 2024, with an average grade of 60% WO3, while 93 dry tonnes of concentrate were shipped in the same period at a slightly lower grade of 59% WO3.
March recorded tungsten concentrate production of 5,678 metric ton units (mtu), a 23% increase versus 4,607 mtu in February.
Group 6 says record production underpinned record sales of 6,335 mtu, which represents an 83% increase compared to sales in February.
The company notes the ammonium paratungstate CIF Rotterdam prices have remained stable in March — sitting at US$305-320 ($476-499) per mtu.
Meanwhile, on 3 April 2024, Tony Davis was appointed as the Executive General Manager of Operations.
Group 6 says this represents an ‘important’ step for the company as it continues ramping up its tungsten concentrate production and prepares for an underground mining operation, which will begin in 2026.
Group 6 Metals is an Australian resources explorer, developer, and producer. The company is focused on its Dolphin Mine which is producing ‘high-grade’ tungsten concentrate.
Write to Aaliyah Rogan at Mining.com.au
Images: Group 6 Metals
