Archipelago reports 20% increase output in H1
Wednesday, July 24 2013 - 10:39 AM WIB
LSX-listed Archipelago Resources Plc reported production was 72,636 Au Eq oz in the first semester, a 20% higher than for the same period in 2012.
The company said in financial report on Wednesday that the strong result ensured first half production was in line with management expectations, notwithstanding the significant rainfall events which impacted the Q1 2013 result.
The company continued to mine the main Toka pit in North Sulawesi and higher grade Araren, Pajajaran and Kopra deposits.
Mining will be on-going in these deposits for the remainder of 2013, it said.
Development activities are also occurring at Blambangan, with ore expected to be sourced from this deposit towards the end of the year.
Overall for H1 2013, ore processed was 891,852 tons, compared to 888,184 tons for H1 2012.
Editing Adianto P. Simamora