Archipelago achieves 2012 full year production targets

By Puspita Maylana Devi

London-listed Archipelago announced production results for the Toka Tindung Mine in North Sulawesi for the year ended 31 December 2012 reached 139,012 Au Eq oz at a cash cost of $635 per oz.

It said that for the three months ended 31 December 2012 ("Q4 2012"), Archipelago set a quarterly production record of 42,302 Au Eq oz.

Marcus Engelbrecht, Managing Director and CEO, said "The production result we achieved during 2012 is pleasing, particularly as this is Archipelago's first year at full production. We not only delivered against our initial guidance on production, but did so at a cash cost well below that of many industry peers."

"This positive result is a testament to the quality of the Archipelago team, and I am confident that we can continue to meet our operational targets and sustain a superior performance at our Toka Tindung Mine into 2013."

In the statement, the company also claimed no lost time injuries reported for 2012.

Editing by Adianto P. Simamora