December 2013 Quarter

 

Production by quarter

Langer Heinrich Mine Mar Qtr 2013 Jun Qtr 2013 Sep Qtr 2013 Dec 2013 Qtr CY 2013
U3O8 Production (lb) 1,230,081 1,353,348 1,429,378 1,431,307 5,444,114

The December 2013 quarterly production of 1,431,320lb U3O8 was another record. This consistent improvement in production (and unit cost) is the result of the Company’s ongoing optimisation strategy that will continue to deliver further benefits.

Production for Calendar Year 2013 of 5,444,114lb U3O8 was up 7% from Calendar Year 2012.

Mining

Ore tonnes mined during the quarter were up 21% from the September 2013 quarter.

. Sep 2013 Qtr Dec 2013 Qtr
Ore mined (t) 1,036,834 1,254,668
Grade (ppm) 641 664
Additional low grade ore mined (t) 777,757 1,150,223
Grade (ppm) 328 331
Waste (t) 4,055,551 3,235,604
Waste/Ore ratio 2.23 1.35

Mining activities concentrated on the eastern side of the deposit at Pit G and medium grade ore was predominantly mined in this area. Waste mining started in Pit H during the last month of the quarter.

ROM ore stocks have been maintained at approximately four weeks’ supply, while being supplemented by medium grade ores from long term stockpiles in line with the crusher blend requirements.

Process Plant

The plant performed well during the December 2013 quarter with record throughput and substantially reduced feed grade as reflected below:

. Sep Qtr 2013 Dec Qtr 2013
Ore milled (dry tonnes) 870,178 962,930
Grade (ppm) 837 771
Overall recovery (%) 88.7 87.8
Production (lb) 1,429,378 1,431,320

The processing optimisation strategy during the quarter focussed on continuous improvement utilising existing equipment and continued to achieve material gains in both production and unit cost:

  • Quarterly ore processed increased by 10.6% from the previous quarter to a new record high.
  • Feed grade down to 771ppm U3O8.
  • Soluble loss was further reduced.
  • Overall recovery was down slightly due largely to the reduced scrub efficiency and lower head grade.
  • C1 costs for the quarter expected to show reductions from the September 2013 quarter.

In-pit tailings deposition began into TSF 3 early in October 2013. This is the first use of full in-pit tailings disposal and a major step forward for the operation.

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