Archipelago Resources to ramp up gold production
Tuesday, October 16 2012 - 02:02 AM WIB
London-listed gold miner company, Archipelago Resources Plc expects to ramp up gold production to between 135,000 to 145,000 troy ounces in the second semester this year from its Toka Tindung project in North Sulawesi.
Marcus Engelbrecht, Managing Director & CEO, Archipelago Resources stated in the company's presentation at Mines and Money Australia 2012 Conference, at Sydney Convention and Exhibition Centre that company's production in the first half of 2012 was about 60,386 troy ounces compare to the same period in the previous year which was about 61,191 troy ounces.
"We expect that in the second half of the year the production will be bigger than in the first half," he said adding that there is an upward trend evident since 30 June.
He added that the cash cost guidance of the company is ranging between US$ 580 to US$ 640 per Au oz.
"The costs to decline in the second half year on higher production,? he said.
Editing by Adianto P. Simamora