Mining Sector: Eastplats falls after decline in total reserves
At Maroelabult, 41,483 sq m have been removed from the reserves as a result of the 2012 drilling programme which provided for an improved interpretation of the displacement along the Kareespruit fault.
Eastplats says increases in proven reserves - up from 1,980,000 tonnes at 4.13 g/t from 1,640,000 at 4.12 g/t - are due to development work through 2012 consistent with the current operating plan.
Natural resources group Kazakhmys [LON:KAZ] has met its production targets for the fifth consecutive year and it believes copper output this year should remain at similar levels to 2012.
Copper cathode production was in line with guidance with a 12% increase in ore extraction partly offset by an anticipated decline in grade.
Total cathode production was 294 kt for the full year with production from own concentrate of 292 kt.
By-product output was also in line with full year targets for all metals with zinc in concentrate production of 152 kt.
Silver was ahead of guidance at 12,643 koz, reflecting higher than anticipated grade and total gold production was 129 koz.
The group also reports continued strong performance from Kazakhmys Power with a 13% increase in net power generated at Ekibastuz GRES-1, supported by continuing growth in demand and increase in available capacity.
The commissioning of a sixth unit was completed in then fourth quarter raising capacity by 20% to 3,000 MW.
Chief executive Oleg Novachuk said: "We have met our production targets for the fifth consecutive year, and I would like to thank all of my colleagues for helping us to achieve this exceptional result.
"Copper production in 2013 should remain at a similar level to 2012 and annual sales contracts for the year have already been signed. I look forward to giving further updates on 2013 and in particular the progress on our major growth projects, Bozshakol and Aktogay, at our results on 28 February."
The Tropicana gold project remains on schedule to begin production in the December 2013 quarter, 70% owner and manager AngloGold Ashanti [LON:AGD] says.
Located 330 kilometres east-northeast of Kalgoorlie in Western Australia, the project was approved in November 2010.
Since that time Tropicana's Mineral Resource (100% project) has grown by 2.8 million ounces, and the potential for extensions to the known ore zones and the discovery of additional ore within trucking distance of the processing plant remains high.
Lonmin's [LON:LMI] first quarter output s substantially exceeded its planned ramp up to produce platinum in concentrate of 174,253 saleable ounces and sales of 185,497 oz.
The company says this demonstrates the successful execution of the operational plans it put in place for the safe re-start and ramping up of production following the labour unrest that preceded the period from 1 October.
Lonmin said the protocols developed for the safe sustainable start up had not only been commended by regulatory authorities as being best practice but had been adopted and rolled out by its peers.
Total tonnes mined were 2.9 million tonnes, similar to the prior year period.
Lonmin said that in addition, its exemplary safety performance throughout the production ramp up delivered an improved 'lost time injury frequency rate' for the quarter of 3.74 incidents per million man hours worked compared to 4.16 for the fourth quarter of 2012 and 4.67 for the first quarter of 2012.
And it said the process division had a LTI free first quarter for the first time in five years.
Tertiary Minerals [LON:TYM] has advised of a small delay to the receipt of the independent report of a tonnage-grade estimate for its MB fluorspar project in Nevada, USA which was expected no later than 31 January 2013. It is anticipated that the delay will not be greater than seven working days.
The sector's biggest riser was Baobab Resources [LON:BAO] - up by more than 19% in late afternoon trading.
[LON:AGD] share price was 0p at 1850p
[LON:AMI] American Investment Trust share price was +3.38p at 303.38p
[LON:AQP] Aquarius Platinum share price was +1.13p at 63.38p
[LON:BEM] share price was +0.01p at 14.38p
[LON:BKY] share price was 0p at 28.75p
[LON:CEY] Centamin Egypt Ld share price was +0.78p at 56.38p
[LON:CHL] share price was -0.58p at 8.7p
[LON:CZA] share price was +0.13p at 22.88p
[LON:ELR] share price was -2p at 11.5p
[LON:FDI] Firestone Diamonds share price was +0.01p at 3.38p
[LON:FRES] share price was -19.5p at 1661.5p
[LON:GEMD] share price was +1.75p at 159.75p
[LON:HOC] share price was -7.9p at 421.4p
[LON:KAZ] share price was -3.75p at 732.25p
[LON:KMR] Kenmare Resources share price was +0.22p at 33.28p
[LON:LMI] Lonmin share price was +43.4p at 358.4p
[LON:TYM] Tertiary Minerals share price was +1.26p at 10.63p
[LON:VED] Vedanta Resources share price was +41.5p at 1205.5p
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