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Washington H. Soul Pattinson and Company Limited
Annual Report 2016
20
CopperChem and Exco Resources are copper and gold exploration companies which have processing facilities
capable of producing copper sulphate, copper concentrate, and gold bullion.
Exploration activities are continuing on a number of prospective targets for the purpose of identifying additional
copper resources for future mining activities within the operating radius of the Cloncurry processing facilities.
Exploration activity ramped up with the drilling of a number of prospective targets in the Cloncurry region, with
encouraging gold exploration results received for the Wallace Gold Project south-east of Cloncurry.
Production activities recommenced at the White Dam mine in South Australia during the year with gold produc-
tion expected to continue until late in the 2017 calendar year. Further gold deposits are being identified within
the broader CopperChem/Exco portfolio for continued gold production.
Revenue from copper sales for the year was $148,000 and revenue from gold sales for the year was $468,000.
This will increase significantly as gold production ramps up in 2017 financial year.
The continued reduction of the Australian dollar copper price resulted in further impairments being required
against the carrying values of copper assets.
The copper concentrator and operations at Cloncurry will remain on care and maintenance until there is an
improvement in the copper price.
CopperChem and Exco contributed a net loss of $42.2 million to the Group (2015: $67.2 million loss) of which
non-regular expenses (including impairments) totalled $33.3 million (2015: $59.6 million loss).
CopperChemLimited and
Exco Resources Limited
Controlled entities:
100% held
Unlisted entities
CopperChem