Dec 18 (Reuters) - Australian copper miner Metals X Ltd MLX.AX cut its 2020 tin production outlook for its Tasmanian project and estimated it would incur almost $1 million per month in costs for the suspension of operations at its Nifty copper mine.
The company lowered its 2020 tin production forecast for the Renison Tin Operations, in which it owns a 50% stake, to 7,000–7,400 tonnes from 8,000-8,500 tonnes announced earlier, citing lower grades of ore mined.
Pre-tax profit from Renison Tin Operations was the only positive contributor to the company's earnings in 2019.
On costs related to Nifty, the company said it would have to spend about A$1.4 million ($950,040) per month in care and maintenance during the suspension and until the company completes the strategic review of the mine.
Metals X suspended operations at Nifty in Western Australia last month after an operational review identified the mine was unlikely to achieve planned production at an acceptable cost and within its previously expected time frame. miner also said it is considering a capital raising in the first half of 2020.
Senior management of the firm including the chairman and managing director exit earlier this month amid pressure from the company's 15% shareholder APAC Resources 1104.HK . ($1 = 1.4736 Australian dollars)