Archipelago produces 30,000 toz gold in Q1
Monday, June 11 2012 - 07:30 AM WIB
By Cepi Setiadi
London listed mining company Archipelago Resources Plc has produced about 30,000 troy ounces (toz) of gold from its gold mine in North Sulawesi in the first quarter of 2012.
Edwin Gunawan, Business and Financial Planning Manager of Archipelago Resources told Petromindo.com that the gold's production in the first quarter of the year has been absorbed by the market.
Edwin added that the company is expecting to produce about 135,000 to 145,000 troy ounces of gold this year with the cash cost of around US$ 540 to US$ 590 per troy ounce. "We are optimistic to reach the target as we have a good production in the first quarter," he said.
Editing by Adianto P. Simamora