1829Metals 2023 Annual ReportOur assets2023 proved to be a year of extremesand the most challenging in 29Metals’short history. It was also a year whereconsiderable progress was madeto recover from challenges facedas we build for a sustainable future.Business performance in the 昀椀rst half was impacted by:■■■the Extreme Weather Event at Capricorn Copper in March 20231resul琀椀ng in signi昀椀cant loss and damage to surface infrastructure,signi昀椀cant increase in water inventory held on site andsuspension of opera琀椀ons from 7 March un琀椀l the par琀椀al restartof opera琀椀ons on 1 August 2023;lower than plan produc琀椀on at Golden Grove, largely due toconstraints on milling rates to manage tailings capacity inthe 昀椀rst half of the year, ven琀椀la琀椀on commissioning failures,and remedia琀椀on works following damage to the Gossan Hillportal; andmacroeconomic headwinds, including lower commodityprices, and con琀椀nuing in昀氀a琀椀onary and labour marketpressures across the mining sector.1. Refer to: “Impact of Extreme Rainfall on Capricorn CopperOpera琀椀ons” released to the ASX announcements pla琀昀orm on9 March 2023; “Capricorn Copper Opera琀椀ons Update” releasedto the ASX announcements pla琀昀orm on 15 March 2023; and“Strategic Update” released to the ASX announcementspla琀昀orm on 23 May 2023.2. Details regarding the phased recovery plan forCapricorn Copper were outlined in 29Metals’investor presenta琀椀on en琀椀tled “Strategic Update”released to the ASX announcements pla琀昀ormon 23 May 2023.Despite the challenging start to the year, the Group sawsigni昀椀cant improvement in safety performance with Group TRIFRdropping by 34% on a 12‑month rolling basis to 6.5/mwhrs from9.8 in 2022.Performance improvement shown in the second half of the year,with comple琀椀on of de‑bo琀琀lenecking projects at Golden Grovesuppor琀椀ng improvement in development and produc琀椀on rates,and successful comple琀椀ng phase 1 of the Capricorn Copperrecovery plan2.Read our full Operating andFinancial Reviewpage 88NicholasGolden GroveMill Shi昀琀 Supervisorat Golden Groveinspec琀椀ng theprimary stockpilefeed conveyor whichfeeds the mill.
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