During the quarter reported copper production in the first quarter was 3% higher than the same period a year ago. Copper recoveries improved slightly from a year ago and are expected to remain similar to current levels for the first half of 2009 while a high percentage of ore is processed from the clay bearing Lornex pit, but are expected to improve to between 86% and 88% by the end of 2009. Lornex ore accounted for 44% of mill throughput compared with 50% in the first quarter of 2008. Molybdenum production increased to 1.4 million pounds compared with 800,000 pounds in the first quarter of 2008 as a result of mining in a higher grade section of the Valley pit.
December 31, 2008
For the quarter ended reported copper production in the fourth quarter was similar to last year as lower ore grades were offset by improved mill recoveries. Copper recoveries are expected to remain similar to current levels for the first half of 2009 while a high percentage of ore is drawn from the clay bearing Lornex pit, but these recoveries are forecast to improve to between 86% and 88% by the end of 2009. Lornex ore accounted for 52% of mill throughput compared with 43% in the fourth quarter of 2007.
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