China Gold International Resources Corp Ltd has again revised its 2015 copper production guidance downward following delays in commissioning the first stage of the phase two expansion at Jiama Copper-Polymetallic Mine in China’s Tibet Autonomous Region.
The company now expects to produce 37.5 million pounds of copper in 2015, down from the previously revised guidance of 40.5 million pounds. It is the second downward revision for 2015 after the company in March issued a guidance of 53 million pounds. The 37.5 million pounds is still 21% more than the 31 million pounds produced in 2014.
The original revision was due to a delay in receiving the mining licence for the phase two expansion, which was received on October 12. The delay was caused by adjustments in the review and approval procedures within state-level supervisory bodies.
The original schedule of commissioning stage one of the expansion by the fourth quarter of 2015 was deferred due to defects detected during the loaded test run that may not be fully eliminated by the end of 2015.
The company now aims to restart the commissioning of stage one in the second half of 2016 while the construction of stage two is now under way and is expected to be completed by the end of 2016.
The phase two expansion at Jiama is being executed in two stages with the aim of taking daily throughput from 6000 tonnes to 28,000 tonnes and then 50,000 tonnes upon completion.
China Gold International Resources Corp is based in Vancouver, BC, Canada and operates both profitable and growing mines in China - the CSH Gold Project in Inner Mongolia and the Jiama project. The company is listed on the Toronto Stock Exchange and the Main Board of The Stock Exchange of Hong Kong Limited.