Ivernia Revises Lead Production Outlook at Magellan Mine

19 August 2010 (Last Updated August 19th, 2010 18:30)

Ivernia has reduced its 2010 lead production forecast for its Magellan mine in Australia due to problems with a processing plant. The company said it aims to produce 50,000-55,000t of lead from the mine, down from its previous outlook of 60,000t. The mine's processing plant encoun

Ivernia has reduced its 2010 lead production forecast for its Magellan mine in Australia due to problems with a processing plant.

The company said it aims to produce 50,000-55,000t of lead from the mine, down from its previous outlook of 60,000t.

The mine's processing plant encountered problems in June after which production stabilised with lead recoveries from ore averaging 78% last month against 69% on average in the second quarter, Ivernia said.

The company, however, plans to increase annual output next year to 85,000t of lead in concentrate by processing 1.9 million tons of ore.

The company's revenue increased to 25.6 million in the first half of 2010 from $8.1m last year, mainly due to a restart and ramp-up of processing and mining operations.