(MENAFN- ProactiveInvestors - Australia) IMX Resources (ASX: IXR, TSX: IXR, IXR.WT) has received the Westpac Large Business Award in recognition of its achievements in the mining sector in South Australia.
The award is part of the Advantage SA Regional Awards held each year and recognises the success of large regional businesses and enterprises with over 10 full-time employees.
Neil Meadows, managing director, said the award recognises the achievements made by IMX through its mining and exploration activities in the far north of South Australia and in particular to the Coober Pedy community, which is near the company's Cairn Hill mine.
"Since mining operations commenced at Cairn Hill in early 2010, the company has directly injected around $4 million into the Coober Pedy economy, not including wages, which in turn has helped to support numerous local businesses and service providers within the town."
The Cairn Hill mining and export operation directly employs around 180 South Australians, and around 25 from interstate.
With the application of the mining multiplier effect, the Cairn Hill project has generated around 720 jobs in the state, which includes around 200 jobs in the Far North region.
Meadows added that the award acknowledged the positive input mining makes to not only regional South Australia, but to the whole state.
Steve Baines, mayor of Coober Pedy, highlighted some of the initiatives implemented by the company.
"IMX's local living allowance is an excellent incentive that encourages their mine employees to remain in or relocate to the town.
"Also, taking over funding of the Breakfast Program at the school demonstrates IMX's desire to make a positive difference in the community."
Cairn Hill cash flow positive
IMX has reduced cash costs at its Cairn Hill project by 10%, which has continued to operate as cash flow positive during the past three months.
The company is also achieving forecast production rates of 150,000 tonnes per month of DSO coarse-grained iron-copper product, which equates to an above-nameplate capacity rate of 1.8 million tonnes per annum.
The operation is a joint venture (IMX 51%) with Taifeng 49%, with a current sales contract with Vingo and spot sales to Taifeng.
The financial year 2013 budgeted free cash is A$35 to $40 million, based on financial year 2013 forecast index prices of US$143 per tonne 62% iron, $8,682 per tonne LME copper and an AUD/USD rate of 1.02.
The operations at Cairn Hill have the potential to be extended past the current mine life of late 2015, with exploration for near-mine potential DSO underway.
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