The BioteQ Bisbee Project returns to full production, reclaiming 120,000 pounds of copper from July to September.
According to a BioteQ press release: “The Bisbee plant in Arizona returned to full production in July and produced 120,000 pounds of copper to the end of September. From July to December, the plant is expected to recover 325,000 pounds of copper for the year, at an estimated cost of $2.75 per pound of copper produced….”
“…Revenues from the Bisbee and Dexing sites are driven by the sale of recovered copper at market prices on the date of sale. During the first eight months of 2011, the average monthly closing price of copper on the LME exchange was approximately US$4.26 per pound, which was in line with the Company’s budgeted expectations for 2011.
During the month of September, copper prices were extremely volatile and closed at a price of US$3.24 per pound as of September 30. Continued weakness in copper prices would have an adverse impact on revenue from these sites for the remainder of 2011. BioteQ management has assumed lower pricing for copper in developing updated financial guidance.”