29Metals, Copper, News, Sustainability

29Metals delivers solid annual results

Copper producer 29Metals has released its 2022 annual report, detailing highlights from its operations, financial activity, and workplace safety culture.

The company’s total recordable injury frequency rate improved in 2022 at 9.8 per million work hours (/mwhrs), compared to 2021’s 12.4/mwhrs rate. However, its lost time injury frequency rate increased to 2.0/mwhrs from 0.7/mwhrs.

29Metals’ copper production was worth 40.8 kilotons (kt), zinc production added to 57.6kt, and a copper equivalent production of 73.4kt.

29Metals’ Group revenue by commodity was worth $721 million in total, with copper worth $516.5 million, zinc valued at $181.6 million and other commodities worth $22.9 million.

The company’s operating cashflow for 2022 is valued at $156 million, compared to 2021’s $75 million.

29Metals’ chair of the board of directors Owen Hegarty said he is delighted to present the company’s 2022 annual report, the company’s second report as an Australian Securities Exchange listed company.

“In a year that was undoubtedly a challenging one for the whole of our industry, (29Metals) delivered solid performance results. During 2022, we increased copper equivalent production, and increased our group ore reserves by 23 per cent,” Hegarty said.

2022 saw 29Metals complete feasibility studies for Gossan Valley, a pre-feasibility study for Cervantes and continued drilling success at Esperanza South at Capricorn Copper.

Additionally, the 29Metals launched its approach to sustainability and environmental, social and governance (ESG), which included its task force on climate-related financial disclosures (TCFD) roadmap.

Hegarty said 2023 will see 29Metals focused on the recovery plan at its Capricorn copper mine, which suffered from unprecedented rainfall in early March.

“The board and management are focused on the recovery plan at Capricorn Copper and safely returning to operations as soon as possible,” Hegarty said.

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