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NQ Minerals hails impact of Tasmania mine enhancements after 44% increase in output

“The increase in saleable mine product will have a very positive affect on the company's top and bottom line revenues going forward," said chairman David Lenigas

NQ Minerals PLC -

NQ Minerals PLC (LON:NQMI) (OTCQB:NQMLF) (OTCQB:NQMIY) said last month’s plant upgrade at the Hellyer Gold Mine in Tasmania has resulted in a 44% increase in production.

The enhancements, done six months ahead of expectation, have resulted in hourly production of 150 tonnes, which equates to an annualised rate of 1.3mln tonnes.

As chairman David Lenigas pointed out, the changes should boost the company’s finances.

“The increase in saleable mine product will have a very positive effect on the company's top and bottom-line revenues going forward,” he said in a statement.

“And [it] will assist NQ greatly with its ability to service ongoing debt obligations and strongly position the mine for increased profitability as commodity prices improve with the world emerging from the COVID-19 pandemic."

Hellyer, on the west coast of Tasmania, has JORC-compliant mineral resource estimated of  9.25 million tonnes which is host to gold at 2.57 grams per tonne.

Quick facts: NQ Minerals PLC

Price: 6.1 GBX

AQSE:NQMI
Market: AQSE
Market Cap: -
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on 08/25/2020

2 min read