G-Resources reports above target gold, silver production at Martabe
Thursday, January 23 2014 - 02:06 AM WIB
Hong Kong-listed gold mining firm G-Resources Group Limited reported on Wednesday that gold and silver production from its Martabe mine in North Sumatra reached 281,477 ounces of gold and over 1.5 million ounces of silver in 2013.
Gold production has exceeded the mine base operating plan of 250,000 ounces and also the revised guidance provided to the market in July 2013 of 280,000 ounces, the company said. In the fourth quarter alone Martabe has poured 72,500 ounces of gold and 454,584 ounces of silver.
The company said that it received US$429 million in revenue from the sale of gold and silver throughout 2013.
In 2014, the company anticipates the Martabe mine will produce between 230,000 to 250,000 ounces of gold and approximately 2 million ounces of silver. The range is because mine planners are currently assessing alternative options for optimizing mining and processing activities whilst the low gold price scenario is sustained, the company said.
The Martabe mine is established under a sixth generation Contract of Work signed in April 1997. Martabe, with a resource base of 8.2 million ounces of gold and 75.3 million ounces of silver, is G-Resources Group?s core starter asset. Martabe?s operating capacity is to mine and mill the equivalent of 4.5 mtpa ore to produce some 250,000 ounces gold and 2 million ounces silver per annum. Costs are competitive when compared to global gold producers.
| Gold Poured, oz | |
| Full Year | 281,477 |
| Q4 2013 | 72,500 |
| Q3 2013 | 75,132 |
| Cash Costs, $/oz poure | |
| Full Year | 483 |
| Q4 2013 | 447 |
| Q3 2013 | 397 |
| Average Gold Price, $/oz | |
| Full Year | 1,410 |
| Q4 2013 | 1,266 |
| Q3 2013 | 1,326 |
Editing by Reiner Simanjuntak