Q2 2024 K92 Mining Inc Earnings Call Transcript
Key Points
- K92 Mining Inc (KNTNF) achieved zero lost time injuries over the last 12 months, highlighting their strong safety record.
- The company reported significant progress in their stage 3 and 4 expansions, which are expected to transform K92 into a Tier 1 mid-tier producer.
- K92 Mining Inc (KNTNF) has a strong commitment to ESG, with 94% of their workforce being Papua New Guinea nationals and substantial local economic contributions.
- The process plant set multiple records in terms of throughput and metallurgical recoveries, indicating strong operational performance.
- The company has secured $120 million in credit facilities with Trafigura, providing significant liquidity for their expansion projects.
- Production was impacted by a temporary suspension of underground operations due to a non-industrial fatal incident, affecting March and April outputs.
- Cash costs per ounce increased to $919 from $597 in 2023, primarily due to higher costs of sales and lower byproduct credits.
- All-in sustaining costs have been elevated for the past few quarters due to considerable investments in stage 3 expansion.
- The company faces challenges in ramping up underground operations, with ventilation improvements being a critical factor.
- The timeline for the paste fill plant and other infrastructure upgrades extends into late 2024 and 2025, indicating ongoing capital expenditure and potential delays.
Thank you, operator, and thanks everyone for attending K90 Mining's 2024 second-quarter results conference call. We hope you and your families are doing well. In addition to myself, we have on the line, John Lewis, Chief Executive Officer and Director; and Justin Blanchet, Chief Financial Officer.
(Event Instructions)
As we will be making forward-looking statements during the call, please refer to the cautionary notes and risk disclosure in our MD&A and slide to the webcast presentation. Also, please bear in mind that all dollar amounts mentioned in the conference call are in US dollars unless otherwise noted.
Now I'll turn it over to John to provide you with an overview.
Thank you, David, and welcome, everyone.
We begin with safety, K92's number one priority. At the end of the second quarter, K92 marked a major achievement with zero lost time injuries recorded over the last 12 months.
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