27th Jan 2016 12:21
LONDON (Alliance News) - Copper miner Xtract Resources PLC on Wednesday said the inspection date for the Chepica mine in Chile has been pushed back further.
The company said last week the visit by the Inspector of Mines to the mine to provide a final sign-off on the changes Xtract has made at the site, had been moved back, delaying the restart of the processing facilities at Chepica.
This visit has now been pushed back further, to February 1, after which Xtract expects the mine will be granted approval to restart the processing plant.
"Although we have lost a full month of production in terms of the sale of concentrate and therefore revenue, we continue to stockpile ore. Whilst the situation is frustrating to management and shareholders our immediate focus is to get approval to restart the processing plant," said Xtract Chief Executive Jan Nelson.
Shares in the company were up 7.7% to 0.210 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Xtract