Kanmantoo copper producer Hillgrove has gone into a share trading halt pending an announcement, expected shortly.
The company recently completed a transition of its copper mining operation, 55 kilometres north of Adelaide.
The project contains the old Kanmantoo Copper Mine pit, which operated from 1970 until 1976, but work by Hillgrove since 2004 has proved up an additional resource that expanded the size and life of the project.
Hillgrove updated progress earlier this week on the changes to its mining services operation at the mine.
“Long term contracts have been signed with Andy’s Earthmovers (Asia Pacific) Pty Ltd for the supply of fully maintained mining equipment, and with Roc-Drill Pty Ltd for blasthole drilling,” the company update said.
“Two production excavators, one back up excavator and a fleet of 14 trucks are now on site and operating, along with various support equipment.
“Recruitment of 74 new Hillgrove employees has been completed, with a further 24 positions to be filled in the next four months.
“Pit mining operations are now at 92 pe cent of previous mining rate at 10 to 11,000 bcm per day.
“Ore is being mined in line with the revised guidance forecast, with forecast September processing grade around 0.7 per cent, and anticipated to increase.
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“The experienced initial mining team is now being augmented with recruitment of a locally focussed workforce with additional training for the new mining operations.
“Key mining supervisory positions have been filled with either permanent or temporary staff.”
It’s been a wild ride in recent times for shareholders in Hillgrove.
They traded at 8 cents before the trading halt, down from 12 cents six months ago, 25 cents in early 2012 and as high as 40 cents four years ago.
