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2009 OUTLOOK: FNX announces plans for this year

TORONTO - FNX Mining has announced its fiscal 2009 guidance, and the outlook is guarded. Having closed its Levack a...



TORONTOFNX Mining has announced its fiscal 2009 guidance, and the outlook is guarded. Having closed its Levack and McCreedy West mines near Sudbury, Ont., late in 2008, the company says it will continue to mine the McCreedy West PM and 700 copper-precious metal deposits, Levack’s Rob nickel-copper-precious metal deposit, and the 2000 copper-precious metal deposit at the Podolsky mine as long as they can be operated profitably.

 

The company estimates that it will ship 615,000 tonnes of ore, containing 3.7 million lb of nickel, 35.2 million lb of copper and 58,000 oz of platinum, palladium and gold. The average production cost this year is expected to be $161/tonne of ore shipped with mining costs of $83/tonne and processing costs of $78/tonne.

 

The development of the high-grade Levack Footwall deposit for production next year will continue. The capital budget for that project, excluding preproduction costs and credits, is set at $38.9 million this year.

 

See www.FNXMining.com for more details.


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