29Metals 2023 Annual Report90Directors’ Report continued29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 202315Directors’ ReportOperating and Financial ReviewMARKET OUTLOOK AND STRATEGYBusiness Strategy29Metals’ ision is to be a leading ASX listed copper producer developer and explorer offering investors exposure to attractive mar et dynamics for copperand other metals critical to the global energy transition.n the near to medium term 29Metals is focused on delivering against our operating plan including returning operations at Capricorn Copper to levelsconsistent with those prior to the Extreme eather Event identifying and implementing operational and productivity improvements securing eyapprovals to support current operations and future growth opportunities and advancing our organic growth pipeline.29Metals may evaluate external growth opportunities on an opportunistic and selective basis. External growth opportunities will only be pursued where29Metals is confident the opportunity will enhance shareholder value and enhance its ability to deliver sustainable returns to shareholders.Key Performance Drivershe ey performance drivers for the roup in 202its operations and managing cost and capital.and the medium term are advancing regulatory approvals delivering productivity improvements atZĞŐƵůĂƚŽƌLJĂƉƉƌŽǀĂůƐ▪An ongoing focus on implementing long term approvals plans to mitigate the Company’s exposure to the increasingly complex regulatory landscapebeing experienced by 29Metals and the sector generally.▪At Capricorn Copper there is a significant near term focus on resolving the regulatory approvals re uired to support continuity of tailings capacityfor an interim period of up to2 months as 29Metals’ transitions the site to a proposed new long term tailings storage facility (to be called d^&ϯ .29Metals is advancing studies and design wor to support an application for S 3.▪At olden rove wor is focused on advancing regulatory approval of the proposed new long term tailings facility S (approval applicationssubmitted in the ec tr 2023 and progressing its applications for approvals of the development of the ossan alley project.WƌŽĚƵĐƚŝǀŝƚLJ/ŵƉƌŽǀĞŵĞŶƚƐ▪he roup see s to find ways to improve operational efficiencies and reduce its costs to offset industry wide inflationary presses which are expectedto continue in 202 building on the successes delivered in 2023. 29Metals is wor ing closely with its mining contractor at both sites yrnecut(Australia ty td to identify and implement productivity improvement measures.▪Continuing improvements in productivity at olden rove are expected in 202 realising the benefit of investment in operational de ris ing projectscompleted in 2023 including ventilation and chiller plant upgrades and establishing underground fuel bays to support higher rates of developmentand ore production at XE.▪At Capricorn Copper productivity improvements will be realised from achieving production rates consistent with those prior to the Extreme eatherEvent (‘WŚĂƐĞϮ’ϲ through completing the progressive dewatering and rehabilitation of ESS and continuing efforts to reduce water inventory heldon site. or to evaluate opportunities to improve scale and efficiency will also be advanced including potential plant debottlenec ing opportunitiesand cobalt commercialisation studies.ŽƐƚƐĂŶĚĂƉŝƚĂůDĂŶĂŐĞŵĞŶƚ▪As widely reported across the sector inflationary and labour mar et pressures persist and are expected to continue in 202 .▪uilding on the successful cost reduction initiatives realised in 2023 the internal focus on reducing cost (and improving productivity will continuein 202 . 29Metals’ objective is to deliver more improvements than those realised in 2023. his will be achieved by lin ing remuneration outcomesfor leaders across the business and extending efforts across all operations offices and administrative functions.Market Outlook29Metals explores for develops and produces metals (in the form of mineral concentrates including copper inc gold silver and lead. he outloo forcopper inc gold and silver is set out below.ŽƉƉĞƌhe near term outloo for copper is expected to be supported by▪global economic growth and in turn demand for copper▪increasing use of renewable energy technologies related distribution networ s and adoption of electric vehicles increasing copper demand and▪ongoing disruptions to traditional sources of supply particularly from South American producers.…Refer to 29Metals’ announcement entitled ‘^ƚƌĂƚĞŐŝĐhƉĚĂƚĞ’ released to the ASX announcements platform on 23 May 2023.15
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