Hillgrove Resources (ASX:HGO) has reported strong operational growth at its Kanmantoo Copper Mine, producing 2,923 tonnes of copper in Q3 FY24—marking a 13% increase compared to the previous quarter. This ramp-up is part of the company's broader strategy to optimise operations following the declaration of commercial production in July 2024.
CEO Bob Fulker highlighted the company’s recent progress, stating, “We continue to see improvements in all key metrics at Kanmantoo. With the announcement of our maiden Ore Reserve and a significant 96% increase in copper resources, we are well positioned for future growth.”
Alongside operational growth, Hillgrove has secured a $10 million stand-by debt facility from Freepoint Metals, providing financial flexibility for scaling up the mine. The facility, which is structured in two $5 million tranches, will support the company’s efforts to extend the mine life and continue exploration activities. Despite the availability of these funds, Hillgrove does not anticipate an immediate drawdown, with the focus remaining on increasing production efficiency.
Kanmantoo’s location in South Australia offers logistical advantages, aiding in cost management.
