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NQ Minerals forecasts good year ahead as production rises in early 2020

The firm reported higher lead, zinc, gold and silver production in the first two quarters of 2020, adding that it is implementing programmes to enhance throughput at its Hellyer project

NQ Minerals PLC - NQ Minerals forecasts good year ahead as production rises in early 2020

NQ Minerals PLC (AQSE:NQMI) (OTCQB:NQMLF) (OTCQB:NQMIY) said it is “optimistic” for its prospects moving forward after reporting rising production from its Hellyer mine in the first part of 2020.

In an outlook statement accompanying its results for the year ended December 31, 2019, the company reported that in the first quarter of 2020 it produced 8,127 tonnes of lead concentrate, up from 4,712 a year ago, while zinc concentrate rose to 4,609 tonnes from 3,015.

READ: NQ Minerals appoints an Investor and Corporate Relations advisor in Europe

The company noted that Hellyer had produced 1,081 ounces of gold and 230,441 ounces of silver in the quarter, adding that it had seen “further improvements in production” during the second quarter of the year, with lead production rising to 8,762 tonnes while zinc increased to 4,241 alongside 1,223 ounces of gold and 229,947 ounces of silver.

NQ also said it is implementing programmes to further enhance plant throughput at Hellyer in 2020, having achieved a record rate of production at 150 tonnes per hour.

Meanwhile, the firm said its recent acquisition of the Beaconsfield gold mine in Tasmania will provide the possibility for “significant near-term cash flow from gold production”.

“We are also now venturing into a new and exciting era of gold production ... We should be able to leverage well off our operational and management skills in Tasmania to create something quite special at Beaconsfield for shareholders in the years to come”, NQ non-executive chairman David Lenigas said in a statement.

“We are experiencing unprecedented times, but my experience has seen that in times of adversity, quality people face the challenges well and rise to the occasion. Our teams have done well protecting themselves from [coronavirus] and the company, whilst continuing to turn in solid operational performances”, he added.

In the figures for 2019, NQ reported a loss on ordinary activities before tax of £36.6mln compared to £27.6mln in the prior year, while revenues climbed to £27.2mln from £3.2mln.

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Price: 6.75 GBX

Market: AQSE
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