- It’s been a busy three months at Red River Resources’ (RVR) Thalanga Operation, with lead zinc and copper production all heating up
- The mining stock released its latest quarterly update today, revealing it produced an increased 7539 dry metric tonnes (DMT) zinc, 1984 dmt of lead and 4411 dmt copper
- All up, 103,000 tonnes was mined from Red River’s operations over the September period, generating $39.6 million in gross revenue
- RVR ended September 30 with a bolstered bank balance of $24.2 million, after investing $5.8 million in project development and exploration work
- Shares in Red River Resources are down 1.11 per cent at 22.3 cents each
It’s been a busy three months at Red River Resources’ (RVR) Thalanga Operation, with lead zinc and copper production all heating up.
The mining stock has released its latest quarterly update today, revealing it produced an increased 7539 dry metric tonnes (DMT) zinc, 1984 dmt of lead and 4411 dmt copper.
Compared to the previous quarter, that represents a 47 per cent jump in lead production, a 24 per cent increase in copper concentrate and a 20 per cent hike in zinc produced.
Sales wise, 7501 dmt zinc concentrate, 1983 dmt lead concentrate and 4588 dmt copper concentrate were sold during the quarter.
In total, RVR’s Thalanga Operation in Northwest Queensland mined 103,000 tonnes over the September period, generating $39.6 million in gross revenue.
Of that, $36.4 million came from base metal concentrate sales at Thalanga while another $3.2 million came from gold sales at Hillgrove Gold Mine.
Production at HIllgrove dipped slightly during the quarter, dropping from 1521 ounces at the end of June to 1179 ounces produced at the end of September.
Total gold sales also dropped slightly, down from 1408 ounces sold in Q4 FY21 to 1362 ounces sold in Q1 FY22.
Red River Resources ended September 30 with a bolstered bank balance of $24.2 million and cashflow positive to $13.3 million.
The business invested around $5.8 million on project development and exploration work during the three-month period, with the bulk of that spent on the Far West underground mine at Thalanga.
Shares in Red River Resources were trading 1.11 per cent lower at 22.3 cents each at 1:22 pm AEDT.