Gosowong reports 59% increase of gold output in Q2
Thursday, July 25 2013 - 02:56 AM WIB
ASX-listed Newcrest Mining Limited reported its Gosowong mine in Halmahera Island produced 92,896 ounces of gold at a cash cost of A$538 per ounce in the second quarter ended June 2013.
The figure is far higher than March 2013 quarter performance of 58,502 ounces of gold at a cash cost of A$806 per ounce, said the company in its quarterly report released on Thursday.
"Gold production increased 59% compared with the March 2013 quarter, principally due to higher grades from Kencana stopes," the report said.
Unit cash cost was 33% lower than the previous quarter, primarily due to higher gold production.
The company added that drilling to date has confirmed the presence of high grade mineralisation within the Salut Vein, located approximately one kilometer to the southwest of the Toguraci underground mine.
Gosowong is owned and operated by PT Nusa Halmahera Mineral (NHM), with 75 percent of its shared controlled by Newcrest. The mine produces gold and silver, and is located on the Halmahera island, Northern Maluku.
Editing by Adianto P. Simamora