J Resources lowers 2016 gold production
Tuesday, June 14 2016 - 03:32 AM WIB
IDX-listed gold mining firm PT J Resources Asia Pasifik Tbk has cut down its 2016 gold production target to 221,000 ounces from 244,850 ounces last year to help extend life of mine.
?Right now the challenges are becoming greater, the distance is longer, and we have to dig deeper, so automatically the stripping ratio is higher. This is why we have to adapt by lowering production to achieve efficiency and maintain life of mine,? said Director Edi Permadi on Monday.
About 83 percent of the company?s gold production comes from its Bakan mine in North Sulawesi, and Seruyung mine in North Kalimantan. The remainders come from Lanut mine in North Sulawesi, and Penjom in Malaysia.
Elsewhere, Edi said that cash cost for his year is targeted to decline to US$517 per ounce from $671 last year. Meanwhile, average selling price is expected at around $1,200 per ounce, the same as last year?s average.
Editing by Reiner Simanjuntak