Q2 2024 Metals Acquisition Ltd Earnings Call Transcript
Key Points
- Metals Acquisition Ltd (MTAL) reported a record production of 10,864 tons of copper, up 24% quarter-on-quarter.
- The company achieved the highest daily production under its ownership at 265 tonnes of copper.
- Copper grade increased significantly by 20% for the quarter to 4.2% copper.
- Cash and cash equivalents increased by 25% quarter-on-quarter from USD 71 million to more than USD 88 million.
- The company announced a significant increase in the life of mine, extending the reserve life to 11 years.
- Safety performance showed room for improvement, with an increase in TRIFR during Q2.
- The processing plant was down for planned maintenance in April, impacting production.
- Sustaining CapEx remained high at almost USD 13 million for the quarter.
- The company faced challenges with concentrate movement, resulting in a large component of concentrate produced but not sold.
- Net debt, although reduced, still stands at approximately USD 231 million.
Thank you for standing by. This is the conference operator. Welcome to the Metals Acquisitions Limited second-quarter 2024 results conference call and webcast. As a reminder, all participants are in listen only mode and the conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Mick McMullen, CEO of Metals Acquisitions Limited. Please go ahead.
Thank you, and thank you, everyone, for joining us evening in North America and morning in Australia. This is the Metals Acquisitions Q2 quarterly presentation. And we'll just go through to the slide with the list of speakers today, if we can to -- run through who we speaking.
So I'm obviously Mick McMullen. I'm the CEO. I'll run through the highlights. Morné Engelbrecht, our CFO, is on and he'll go through the more financial metrics; and then Rob Walker, our general manager of the CSA Copper Mine is on, who can give a bit of color in terms of how the quarterly went about and
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