Copper miner Altiplano Metals reached record sales and production volumes at its Farellon mine in Chile in the third quarter.
The Canadian miner said in its earnings statement on Nov 16 that it continues to expand its new tunnel, the Hugo decline, in line with operating levels. The development will extend underground access in the near future and provide two more expansion headings, to increase the headings to a total of eight.
In Q3 2020, Altiplano extracted 9,660mt of ore, up 71pc from 5,643mt in the same quarter last year. The company processed a record high of 10,769mt of ore in Q3, averaging about 2pc copper, up 68pc from 6,411mt produced in the prior-year quarter.
Altiplano has produced 2.57mn lb of copper since Q1 2018 after acquiring the Farellon mine in 2017. The miner’s copper production rose by 44pc to 460,397lb in Q3 2020, compared to 318,832lb of copper produced in Q3 2019.
The metal producer’s revenue in the third quarter tallied at $827,298 following eight sequential quarters of positive, operational cash flow. This represents an 80pc increase compared to $460,273 received in Q3 2019.