PanAust (ASX: PNA) has reaffirmed its 2012 production targets after exceeding expectations at its flagship copper mine in the three months to March.
The Phu Kham mine in Laos produced 15,772 tonnes of copper concentrate in the first quarter of calendar 2012, at a cost of 92 US cents per pound – exceeding the company’s budget expectations.
An upgrade of the mine is expected to be completed in the June quarter of 2012, with work now 60% complete, PanAust says.
“All major equipment is now on site and installation of the flotation cells is well advanced.”
The company expects output at Phu Kham to be between 63,000 and 65,000 tonnes of copper concentrate in 2012.
Investors responded well to the news the company was achieving its targets, sending shares 5.05% higher to $3.12 at 1.50pm AEST.