SMM4, March 30: recently, the first Quantum released its results for the first quarter of 2020, the report showed that Ravensthorpe continued to operate preparations, acid plant and atmospheric leaching operation (AL) restarted in March 2020. The first high voltage acid leaching (HPAL) circuit was put into use in mid-April, and the second HPAL circuit is scheduled to be launched thereafter. Drying and packaging of mixed nickel hydroxide products also began in April.
The company has also hedged a large portion of its Ravensthorpe 2020 production forecast with nickel, which is much higher than the current LME price. The company has signed a non-margin nickel forward sales contract for 11000 tons at an average price of $6.76 per pound, expiring in February 2021.
The scope of copper and gold guidance updated by, Cobre Panama in production guidance is subject to MINSA approval to terminate preservation and safety maintenance and to restart operations before or at the end of May. Normal production levels are expected to resume from late June 2020 to early July 2020. Postponing the timetable would have an impact on the scope of the guidance.
In the first quarter, Ravensthorpe completed operational preparations and resumed operations in March 2020. In the first quarter of 2020, crushing, mineral processing, acid production and atmospheric leaching operations were put into use, and the first production of nickel began in late April 2020. Preparation for commissioning of blast furnace the process of high pressure acid leaching is progressing smoothly. The cost for the first quarter of 2020 was $38 million. Ravensthorpe is expected to produce 15000 to 20000 tons of nickel in 2020.
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