Freehill Mining’s Iron Ore Sales Surge 84% At Chilean Project

Freehill Mining Limited (ASX:FHS) has revealed an impressive 84% increase in quarter-on-quarter iron ore sales at its Yerbas Buenas Mine in Chile for the June quarter.

Notably, the company’s gross sales clocked around A$470,000, up from A$255,000 in the March quarter.

This growth is attributed to higher volumes of material processed and supplied by a newly commissioned second plant at the project.

At the indices, Freehill shares have surged by 33.33% to A$0.080 over the past five days, reflecting investor confidence in the company’s performance.

Monthly sales figures from Yerbas Buenas

Record sales for June

June’s gross sales hit a record A$188,000, despite seven days of lost deliveries due to unseasonal rain.

Freehill anticipates further sales growth as deliveries to large-scale local infrastructure projects ramp up.

Restart magnetite mining

Additionally, Freehill has kicked off work to re-establish magnetite mining operations at Yerbas Buenas.

This initiative is subject to mine planning and the material’s grade assessment, with results expected in the next 10 days.

Consequently, the company has removed a bulk sample from the site for this purpose and indicates that limited capital expenditure is required to restart operations swiftly.

Magnetite at Yerbas Buenas

A maiden magnetite resource within the Yerbas Buenas concession area was declared in May 2019, following an RC drilling program at a resource known as YB1.

Subsequently, a trial mining pit and demonstration processing plant had been operated for approximately two years over the area of the YB1 resource.

The plant primarily produced magnetite concentrates for sale and quality assessment to a large pellet feed plant owned by Chile’s largest iron ore producer Compania Minera  del Pacifico S.A

 

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