A look at native copper. Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

With the price of copper at its highest level in a year, Hillgrove Resources Ltd (ASX: HGO) has posted a production ramp-up from its Kanmantoo underground copper mine.

Copper yield at the mine, which is located close to Adelaide, has risen from 239 tonnes in February to 589 tonnes in March. Hillgrove is now moving on to a two-week milling campaign and will also focus on the sale of copper next week.

The results from this second phase of production was impeccably timed with copper prices riding high at US$4.2 per pound.

Hillgrove CEO and managing director Lachlan Wallace said production would continue to grow.

“The ramp up of copper production at Kanmantoo as the copper price increases positions the company well,” he said.

“Copper production is expected to increase further as we establish the second underground work area, enabling more copper to be delivered into the rising copper price
environment.”

In particular, the following work by Hillgrove will entail the establishment of new work areas which should allow for numerous stopes to be mined together.

Hillgrove was up almost 7% at almost 8c in early trade.

HGO by the numbers
More From The Market Online
The Market Online Video

Market Close: ASX steams uphill but still on track to recovery

The ASX200 closed .4 of a per cent up with IT and Health Care the locomotives…
The Market Online Video

Market Update: ASX edges up with a healthier disposition

The ASX200 is trading up around half a per cent with Health Care and Real Estate…
Magnetite

Fe grades above 71% make Cyclone Metals bullish about Iron Bear pilot plant

Cyclone Metals, an iron ore developer which has built its business progressing Canadian magnetite play Iron…

PharmAust CEO’s sayanora triggers stock plunge

Clinical-stage biotechnology company, PharmAust shares plunged 24 per cent so this morning, following the resignation of…