Production and Financial Highlights
Metals Acquisition has released its operational update for the third quarter of 2023, focusing on the CSA Copper Mine. This period saw the production of 9,845 tonnes of copper and 115,000 ounces of silver. A significant reduction in C1 costs was noted, dropping to US$1.86/lb from higher costs in previous quarters. The report also included US$1.5 million in exploration expenses as part of general and administrative costs. The company’s cash position stood at US$48 million as of the reporting date.
Safety Performance and Regulatory Compliance
The CSA Copper Mine reported a marginal improvement in safety, with the Total Reportable Injury Frequency Rate (TRIFR) declining from 10.2 to 9.5 per million hours worked, and no Lost Time Injuries (LTI) were reported. Additionally, Metals Acquisition received regulatory approvals for a new Rehabilitation Cost Estimate (RCE) of A$44 million and the Stage 10 lift of the Tailings Storage Facility (TSF).
Strategic Focus and Future Prospects
Metals Acquisition’s third quarter was marked by a strategic emphasis on operational efficiency and cost reduction. The period recorded the highest production of copper and silver for 2023. Despite initial production challenges related to regulatory issues, access to high-grade stopes has resumed, potentially enhancing future production. The company is actively exploring methods to further reduce operational costs and increase productivity at the CSA Copper Mine.
In terms of future growth, Metals Acquisition is considering additional stock market listings, including a potential Australian Securities Exchange (ASX) listing in early 2024. The company’s strategic growth initiatives are also reflected in the completion of a Private Placement (PIPE) in October 2023, which generated gross proceeds of US$20,098,056.