G-Resources ups 2013 target
Tuesday, July 30 2013 - 12:39 PM WIB
Hong Kong-listed gold mining company, G-Resources Group Limited said on Tuesday that the company has produced about 70,212 ounces of gold and 382,320 ounces of silver in the second quarter 2013.
With such record, the company then revised target to 280,000 ounces of gold this year.
The company revealed that the costs are below budget and set to reduce further.
"Site cash costs lowered to US$510/ounce over the quarter as the mine and processing plant exceeded production targets for the quarter," the company said on a press statement.
Since its operation, made on 24 July 2012, the mine has produced more than 200,000 ounces of gold and almost 1 million ounces of silver.
G-Resource said that revenue from sales reached US$98.5 million in the second quarter.
G-Resources Chief Executive Officer, Peter G. Albert said, ?Producing above design capacity and revising our guidance for the year upwards highlights the operational efficiencies achieved since we started gold production just 12 months ago. We are very proud of our dedicated team?s accomplishments during the first year of production and look forward to continuing Martabe?s development as one of Asia?s premier gold mines.?
Editing by Adainto P. Simamora