Jersey-based Metals Acquisition has updated its mineral resource count for the first time since the company acquired the CSA copper mine from Glencore in a $1.1 billion deal last year.after the nationalities of its first owners, is one of Australia’s longest operating copper mines with a history stretching back almost 150 years. It is located 11 kilometres northwest of Cobar, in central-western New South Wales.
While the overall copper grade has reduced from 5.3% in the 2022 M+I resource to 4.9%, the company said this is predominately a result of the inclusion of 2.2 million tonnes of material between the new cut-off grade of 1.5% and the previous cut-off grade of 2.5%, which, in terms of contained metal, had relatively small impact.
“Whilst this resource and reserve statement is a snapshot in time based on information available back in August 2023, it does validate our belief that the CSA copper mine can be a long-life asset,” MAC CEO Mick McMullen said, adding that this dispels the view from the last generation that CSA “has a relatively short mine life.”
Supported by the resource and reserve statement, MAC also provided a three-year copper production guidance for the CSA mine: 38,000-43,000 tonnes in 2024, 43,000-48,000 tonnes in 2025, and 48,000-53,000 tonnes in 2026.