20784 29Metals AR 2022 WEB V1 - Flipbook - Page 18
Year in review continued
Capricorn Copper
Capricorn Copper is a high-grade
underground copper operation
on extensive tenements in the
highly endowed and prospective
Mt Isa Inlier.
Capricorn Copper’s exploration tenements cover
an area of 1,858 km2 located within the highly
prospective Mt Isa Inlier. The operation is on grid
power with a FIFO workforce with underground
mining conducted by a mining contractor.
Work evaluating the potential to successfully
recover cobalt will continue.
2022 Highlights
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Significant safety performance improvement,
42% reduction in TRIFR
Processing operations and maintenance teams,
and paste fill operations team, brought ‘in-house’
Completion of a new ventilation shaft at
Esperanza South, to improve mining conditions
and mining rates at depth
Material exploration success defined substantial
depth extension at the lowest cost ore source,
Esperanza South, confirming an increase in
grade and width
Continued investment in water management
and tailings storage capacity, including
installation of new high-efficiency
mechanical evaporators
2023 Priorities
Capricorn Copper Recovery Plan
Operations at Capricorn Copper were
suspended due to extreme rainfall event
in early March 2023.
Product
Location
QLD, Western
fold belt of Mt
Isa Inlier, 120 km
N of Mt Isa
Cu
Copper Concentrate
(including silver by-product)
Mine Life
Mining Method
Processing Method
10+
years
Underground
Long Hole Open
Stoping and Sub
Level Caving
Conventional flow
sheet with crushing,
grinding, flotation
Read more, page 2
Operations
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Ventilation – continued investment in
ventilation infrastructure increasing and
extending ventilation to support increased
mining activity
Progress regulatory approvals for tailings
storage facility lift
Cost management and capital discipline –
focus on productivity improvements and cost
management initiatives to improve margins
Organic growth
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Progress evaluation of potential to commercialise
cobalt mineralisation at Capricorn Copper
Resource conversion and extension drilling
at Esperanza South and Mammoth
LOM Tailings – advance plans for life of
mine tailings storage facility (including
regulatory approvals)
1. 2021 figures cited are pro forma.
2. Pro forma and EBITDA are non-IFRS financial
information. Refer to the Important Information
regarding the use of non-IFRS financial
information on page 200.
3. As at 31 December 2022. Refer to page 52
for 29Metals 2022 Mineral Resources and
Ore Reserves estimates.
16
29Metals 2022 Annual Report
EBITDA 2
Copper production
23.8kt
66m
$
from 2021 ($110m)1,2
from 2021 (24.7 kt)1,2
TRIFR
7.0/mwhrs
Mineral
Resources3
Ore
Reserves3
62.2 Mt @
16.0 Mt @
Cu
14.0
50.4%
2021
LTIFR
1.8/mwhrs
2022
Au Ag
Pb Co
Copper
1.8%
Silver
9 g/t
Cobalt
360 ppm
Cu
Au Ag
Copper
1.7%
Silver
12 g/t