Nevada Copper has forecast considerably lower copper concentrate production in H1 2021 due to stoppages at the mine during the first quarter.
The development of Nevada’s Pumpkin Hollow underground mine is progressing as planned, the company indicated in its earnings report on May 17. However, it has deferred its date for achieving full production of 5,000 tons (4,535.92mt) per day to Q4 2021 instead of Q3 as announced earlier due to COVID-19 related delays as well as postponements in commissioning surface fans at the mine.
The Nevada, USA-based miner’s throughputs, however, improved at its processing plants in Q1 2021. It achieved a weekly average of 4,700 tons per day (tpd) and touched 5,000tpd in March. Nevada processed around 107,954.98mt of ore in Q1 2021 with an overall recovery rate of 88pc to produce around 2,878.49mt of copper concentrate during the year.
While the company has not earned any revenue yet, it began production in Q4 2020, which has helped the miner to reduce its net loss to $3.9mn in Q1 2021 against a net loss of $12mn during the same quarter last year.