This article was first published in Northern Ontario Business, a newspaper that has been providing northerners with relevant and insightful editorial content, business news and information for over 25 years.
The first half of 2008 has been a busy one for the mid-tier miner with a new shaft in operation and a change at the top.
President John Lill resigned from the company in early August, indicating a desire to pursue other interests. Lill had taken up the mantle of president and CEO in September 2007, replacing Terry MacGibbon, who has since been appointed to his prior roles.
The company’s Podolsky mine went into production earlier this year and has shown greater results than exploration potential had indicated.
With expectations for copper grades of 3 per cent, production has shown 12 per cent in the first quarter, and more than 5 per cent in the second. It’s expected to average out between 6 and 7 per cent over the rest of the year.
“Historically, in the Sudbury basin, these types of deposits have mined about 20 to 40 per cent better than they drilled off,” says MacGibbon.
Having cost $150 million to put into production, Podolsky has been a 300-tonne per day producer since January. That number will rise to 1,000 tonnes by year’s end, representing 400,000 tonnes annually at full production.