Join our daily newsletter At The Bell to receive exclusive market insights
- Elmore (ELE) begins commercial production at the Peko magnetite plant in the Northern Territory
- Production has begun to ramp up to meet the rail capacity constraint of 350,000 tonnes per annum
- Production will transition from single shift, daylight only processing to adding a night shift for 24-hour production, prioritising safe and efficient operations over speed
- The Northern Territory Mines Department, Port of Darwin, OneRail and Linx Stevedoring have been notified of the start of production and will begin logistics services
- Shares in Elmore were trading up 57.6 per cent at 5.2 cents
Shares in Elmore (ELE) were up as much as 66.7 per cent today after the company revealed it has begun commercial production at the Peko magnetite plant in the Northern Territory.
Production has begun to ramp up to meet the rail capacity constraint of 350,000 tonnes per annum and will primarily consist of safely transitioning from single shift, daylight only processing to adding a night shift for 24-hour production.
During this time, Elmore will prioritise safe and efficient operations over speed.
The Northern Territory Mines Department, Port of Darwin, OneRail and Linx Stevedoring have been notified of the start of production and will begin logistics services.
“Commencement of commercial production at Peko is a monumental milestone for us as a small, start-up service company,” Managing Director David Mendelawitz said.
“We look forward to both making Peko operations a success through firstly the sales of
magnetite and then adding copper, cobalt and gold, but also using Peko as a stake in the
ground to develop a successful mining services company as we add other operations to our portfolio.”
Shares in Elmore have dropped slightly from the day’s high but were still up 57.6 per cent and trading at 5.2 cents at 12:53 pm AEST.
