Altaley Mining Foresees Increased Production in 2023
Altaley Mining provided updated its operation plans for 2023 and announced it expects strong performance this year, including increased production of 1,000t/d.
The company reported that updates at the Tahuehueto Gold Mine project are underway. The construction is expected to achieve critical milestones during 2023 to achieve the nameplate of 1,000t/d capacity. Construction of the initial 500t/d operation is anticipated to be completed in 2Q23. What is more, this stage is expected to be cash positive at the site level. Some of the remaining critical tasks to achieve the initial project include the installation of the comminution equipment and construction of the definitive tailings storage facility.
“We expect 2023 to be a strong year for Altaley, turning the corner on performance at both sites and achieving some critical milestones at Tahuehueto. We are determined to transform Altaley into a successful mining company and achieve a significant re-rating in 2023 as a result. I look forward to providing more information on our progress in the coming weeks and months,” said Mike Struthers, CEO, Altaley Mining.
Expansion to a 1,00t/d capacity is expected to be complete in 4Q23. In addition, a second ball mill and associated circuits will be installed. The project furthermore includes a third tailings filter press, an ore pass in the mine to alleviate traffic congestion and the completion of the final stages of the tailings facility. Currently, the mine is in pre-production, averaging 300t/d. At the 1,000t/d capacity, the mine is projected to produce 42,822AuEq oz/y.
Altaley’s plans at the Campo Morado mine in Guerrero have strategically shifted focus on mining of higher-grade copper ore bodies. Moreover, the company commissioned additional “Sub-A” flotation cells in the copper circuit, which combined with mining higher-grade ore will result in an expected 5% increase in copper concentrate grade to 16% Cu. Copper concentrates are therefore expected to contribute 40% of total revenue in 2023.
The company also expects to make progress on implementing recommendations made by Ausenco to progressively improve the plant performance at Campo Morado following a detailed review in October 2022. The Ausenco engineer will continue to guide the process improvements during 2023 and beyond.