Borneo sees improving extraction rate at Ratatotok South gold mine
Friday, July 11 2014 - 02:07 AM WIB
US firm Borneo Resource Investments Ltd., a US mining company that mines gold and develops producing gold mining properties in Indonesia, announced Thursday that the latest production run at its Ratatotok South site in South Minahasa Regency, North Sulawesi Province, has exceeded 2 kilograms of gold on a heap leach base of 2,500 metric tons of ore.
In announcing this result, Borneo CEO Nils Ollquist stated, "We have been steadily building our output levels from our first heap leach base since trials began earlier this year. This latest result confirms that our extraction rate is improving steadily as we fine tune the chemical mix and balance of the 'irrigation' process. Our second leach base which will have a capacity of 5,000 metric tons is scheduled for completion by the end of July and should be fully operational by August. This leach base will service all three of our Ratatotok properties."
"For the balance of 2014 we are working towards bringing our two additional gold properties, at Ratatotok and Ratatotok Southeast, into production as we continue to assess additional gold properties for potential acquisition. We previously announced that we expect quarterly revenues and operating income to increase in the subsequent quarters of 2014 as better extraction rates, weather and efficiency at Ratatotok South are expected to lead to an increase in revenues and productivity. This most recent production run confirms this expectation," Ollquist concluded.
Editing by Reiner Simanjuntak