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NQ Minerals announces Hellyer Mine 3Q20 results

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Global Mining Review,

NQ Minerals Plc has announced its production results and unaudited financial results for its wholly owned Hellyer Gold Mines Pty Ltd for the quarter ending 30 September 2020 (3Q20).

Lead concentrate production was up 35% from the previous quarter (ending 30 June 2020) and up 78% compared to the 3Q19.

Zinc concentrate production was up 8% from the previous quarter and up 38% compared to the same quarter last year.

Significantly, unaudited net revenue from Hellyer for the quarter was AUS$19.1 million and gross profit realised for the quarter was AUS$10.7 million. During the quarter, the company realised positive commodity finalisation adjustments which increased net income before income taxes for the quarter at Hellyer to AUS$15.8 million. The financial information for the quarter ended 30 September 2020 has not been audited.

The Hellyer operations continued undergoing processing circuit modifications during 3Q20, and production rates have been increased further to 165 tph at the end of September 2020. The company is currently finalising designs and operational procedures to further increase production to 180 tph, or the equivalent to 1.5 million tpy.

NQ Minerals’ Executive Chairman, David Lenigas, said: “We are continuing to see much improved production and revenue performances from NQ’s flagship Hellyer polymetallic operations in Tasmania, Australia. The efforts being exerted by our dedicated management and staff are producing very significant leaps forward with respect to the way Hellyer performs. Our Hellyer focus for this coming quarter is targeted towards furthering our plant output initiatives.”

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