Magna Mining (NICU.V) announced it expects to generate a payable production of 16-18 million pounds of copper-equivalent from the 700 Copper Zone at McCreedy West. The anticipated cash costs are $3.4-3.8 per pound of copper-equivalent while the all-in sustaining costs are expected to add approximately 80 cents per pound of copper-equivalent. This excludes the impact of the streaming agreement.
The company also warned for what might look like a potentially disappointing result in the first quarter of the year as grades will be relatively low compared to the rest of the year. And should the Intermain Nickel zone indeed be restarted this year, the company may update its full-year guidance to include the potential nickel sales.
Meanwhile, Magna Mining remains on track to complete the Pre-Feasibility Study on the Crean Hill mine in the third quarter of this year, while dewatering could start as early as next quarter.
Disclosure: The author has no position in Magna Mining. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
