Metals X Quarterly Report Shows Increase in LME Tin Spot Price
Metals X, an Australian mining company, has released its quarterly report, showcasing positive developments in the tin market. The LME tin spot price increased compared to Q1 CY2023, closing at US$27,698 per tonne at the end of June 2023, up from US$26,051 in the previous quarter.
Review of Inventory Estimating Process Leads to More Precise Production Data
As part of a review of the inventory estimating process, Metals X's joint venture operation, BMT JV, has started incorporating final assay results from smelters into its production data. This strategic change aims to provide a more precise and reliable estimation of production levels. As a result, there was a year-to-date production adjustment of minus 45 tonnes of contained tin.
Renison Operations Show Strong Performance
During the quarter, the Renison operations, owned by Metals X, produced 2,292 tonnes of tin-in-concentrate, a significant increase from the prior quarter's 1,981 tonnes. However, this figure does not include the year-to-date production adjustment.
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The operations also shipped 2,001 tonnes of tin-in-concentrate.
Tin Share Rebalancing and Sales
To ensure each joint venture partner receives its fair share of tin-in-concentrate produced, Metals X underwent a tin share rebalancing. As a result, the company received 53. 8% of the total tin-in-concentrate tonnes shipped for the quarter, compared to 40. 3% in the previous quarter. Metals X shipped 1,077 tonnes of tin-in-concentrate to the Thailand Smelting and Refining Co. Ltd (Thaisarco) and the Malaysian Smelter Corporation (MSC).
Investment Activities and Financials
During the quarter, Metals X sold 8. 0 million shares of Nico Resources Limited for a consideration of $4. 0 million. The company also purchased approximately 34. 4 million shares in Tanami Gold NL for a consideration of $1. 17 million.
Metals X's closing cash for the quarter increased by $8. 73 million to $124. 03 million, reflecting a strong financial position.
Overall, Metals X's quarterly report highlights the positive trend in the tin market, with increasing prices and solid production numbers from their Renison operations. The company's strategic changes in production data estimation and tin share rebalancing further demonstrate its commitment to accuracy and fair partnership. The investment activities and strong financials point to a promising outlook for Metals X moving forward.
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