Procurement News Notice |
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| PNN | 549 |
| Work Detail | Renison half-owner Metals X Limited has posted a fat loss for 2015-16, but the veteran West Coast mine held its own. Metals X lost $23.6 million for the year after tax, with revenue up $37 million but the cost of sales blowing out by $84.8 million). Its net loss was a $64.6 million deterioration from a $40.9 million profit in the previous year. Metals X’s half-share of revenue from the Renison tin operations was down by about $9 million to $70.7 million. However, the cost of sales was down by more than $7 million to $62.6 million. Efficiencies in mining and processing had driven down costs, the company said. Renison shifted from contract mining to owner-operator mining late in the financial year. “The transition to owner mining is part of a strategy to drive long-term cost structures at Renison lower,” Metals X’s annual financial report said. “The first step was to remove the contractor margins as skilled personnel and mining equipment availability freed up with the overall industry downturn.” Renison averaged a sale price of $21,316 per tonne for the year. That was ahead of cash cost ($14,662 per tonne), all-in sustaining cost ($19,952) and all-in cost ($20,693). All-in cost is cash cost, plus royalties, sustaining capital cost, corporate and administrative expenses and major project spending and exploration expenditure. Metals X has the Mt Bischoff mine, north of Renison, on care and maintenance pending better tin prices, and a growing gold division. |
| Country | Australia , Australia and New Zealand |
| Industry | Metals & Minerals |
| Entry Date | 02 Sep 2016 |
| Source | http://www.theadvocate.com.au/story/4127730/metals-x-reports-236m-loss/ |
