Frontier Mining aims to partner with an experienced, well capitalized operator at its Benkala Copper Project in Kazakhstan.
The UK-listed company stated in its half yearly report that it has had approaches in recent years and has appointed advisers to engage with the most appropriate partner who can bring technical expertise and large-scale project management.
Revenues from current production cover the mine's operating costs, but do not cover interest and debt repayment obligations and other admin costs. It also stated that in the first half of the year, production had exclusively been from ore stacked before the end of 2013. In the six months to the end of June, revenue was US$3.47 million compared to US$2.76 million in 2013.
It stated that 181,326 tonnes of ore were mined and 165,947 tonnes were stacked, while 511 tonnes of copper cathode were sold, with an average sales price of US$6784 per tonne. The average cost of production, excluding general and administrative costs, was US$4353 per tonne - more than 2013 mainly due to higher costs during the winter.