The results by mine are as follows:
---------------------------------------------------------------------------- 2011 2011 Production Production 2010 Actual(contained tonnes) Results Guidance Production----------------------------------------------------------------------------Neves-Corvo Cu 74,109 70,000 74,011 Zn 4,227 4,500 6,422----------------------------------------------------------------------------Zinkgruvan Zn 75,147 76,000 72,206 Pb 32,339 34,000 36,636 Cu 1,768 1,500 540----------------------------------------------------------------------------Galmoy Zn 32,071 31,000 11,501(in ore) Pb 8,791 8,000 2,932----------------------------------------------------------------------------Aguablanca Ni nil nil 6,296 Cu nil nil 5,484----------------------------------------------------------------------------Total: Wholly-owned operations Cu 75,877 71,500 80,035 Zn 111,445 111,500 90,129 Pb 41,130 42,000 39,568 Ni nil nil 6,296----------------------------------------------------------------------------
Operational Commentary
-- Neves-Corvo: Higher grade stopes averaging 3.4% copper and the utilization of the zinc plant for copper ore processing in the fourth quarter helped make up for shortfalls resulting from issues that hampered production earlier in 2011. The newly expanded zinc plant that was temporarily converted to copper ore processing in August 2011 has now been converted back to zinc processing. Of particular note is the achievement of another annual tonnage record. In 2010, operations hoisted approximately 2.6 million tonnes of ore and 0.8 million tonnes of waste. In 2011, operations hoisted more than 3.2 million tonnes of ore and 1.0 million tonnes of waste. Total hoisting and milling was up 25% compared to the previous year. For five consecutive years, Neves-Corvo has exceeded the previous year's mined and milled tonnages.
-- Zinkgruvan: Despite down time late in October to complete maintenance on the zinc grinding mill, Zinkgruvan finished 2011 with its best quarter of zinc and copper production of the year. Zinkgruvan also achieved another annual zinc and copper metal production record. Operations mined and milled approximately 1.0 million tonnes of ore in 2010 and 1.1 million in 2011, which represents a new record in the history of the mine.
-- Aguablanca: The new mining contractor continued pre-stripping operations throughout the fourth quarter. Restart of open pit operations and first concentrate production is scheduled for late in 2012.
-- Galmoy: Mining production from remnant ores exceeded expectations for the year. Mining of residual ores is expected to cease during the first quarter of 2012. The mine closure plan has been approved by regulatory authorities and remains on schedule to be completed prior to the end of 2012.
-- Safety: It is notable that in addition to achieving record tonnages mined and milled, the Company also achieved a significant improvement in safety performance. In 2011, Total Recordable Incident Frequency ("TRIF") was the lowest in the Company's history at 1.61. This is a TRIF reduction of more than 50% compared to 2010. A similar reduction was achieved in the frequency of Lost Time Incidents. The improvement in our safety performance over the last two years is attributed to the implementation of a safety system modernization program and a commendable effort to improve safety across the Company.
Details of operating statistics by mine, by quarter and for the year followin the attached table:
2011 Operating Statistics---------------------------------------------------------------------------- Total Q4 Q3 Q2 Q1----------------------------------------------------------------------------Neves-Corvo ----------------------------------------------------------------------------Ore mined, copper (tonnes) 3,126,005 899,669 749,999 768,806 707,531Ore mined, zinc (tonnes) 86,202 - 8,973 34,552 42,677Ore milled, copper (tonnes) 3,197,783 920,480 797,470 736,050 743,783Ore milled, zinc (tonnes) 63,074 - 63,074 - -----------------------------------------------------------------------------Grade per tonne Copper (%) 2.7 3.4 2.3 2.2 2.9----------------------------------------------------------------------------Recovery Copper (%) 85 85 83 83 86----------------------------------------------------------------------------Concentrate grade Copper (%) 24.4 24.3 24.5 24.2 24.5----------------------------------------------------------------------------Production- tonnes (metal contained) Copper 74,109 26,866 15,070 13,475 18,698 Zinc 4,227 382 1,874 1,020 951 Zinkgruvan ----------------------------------------------------------------------------Ore mined, zinc (tonnes) 1,028,523 226,995 257,365 255,995 288,168Ore mined, copper (tonnes) 103,349 5,326 36,097 36,269 25,657Ore milled, zinc (tonnes) 999,280 256,160 235,949 231,145 276,026Ore milled, copper (tonnes) 109,666 37,651 22,186 20,677 29,152----------------------------------------------------------------------------Grade per tonne Zinc (%) 8.2 8.5 8.0 8.5 8.0 Lead (%) 3.9 3.7 3.7 4.1 4.2 Copper (%) 1.8 1.8 1.7 1.9 1.7----------------------------------------------------------------------------Recovery Zinc (%) 92 93 93 90 90 Lead (%) 82 80 83 83 82 Copper (%) 90 91 91 90 89----------------------------------------------------------------------------Concentrate grade Zinc (%) 52.6 52.4 53.0 52.7 52.4 Lead (%) 74.8 73.7 75.4 75.5 74.7 Copper (%) 25.2 25.6 24.3 24.4 26.2----------------------------------------------------------------------------Production- tonnes (metal contained) Zinc 75,147 20,337 17,459 17,582 19,769 Lead 32,339 7,621 7,368 7,829 9,521 Copper 1,768 622 349 356 441 Galmoy ----------------------------------------------------------------------------Ore mined (tonnes) 302,446 77,113 78,996 76,927 69,410Ore milled (tonnes) 192,535 46,828 50,125 53,874 41,708----------------------------------------------------------------------------Grade per tonne Zinc (%) 22.7 20.3 24.8 22.5 23.4 Lead (%) 7.5 5.7 8.9 8.2 7.4----------------------------------------------------------------------------Production- tonnes (metal contained) Zinc 32,071 6,334 9,458 8,802 7,477 Lead 8,791 1,652 2,709 2,538 1,892
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