Martabe Gold Mine exceeds 2014 target
Monday, January 19 2015 - 02:48 PM WIB
Gold mining company PT Agincourt Resources, subsidiary of G-Resources Group Ltd. said that its Martabe gold mine in North Sumatra produced 275,515 ounces of gold and 2,238,076 ounces of silver in 2014.
Corporate Communications Senior Manager Katarina Siburian Hardono said in a press statement Monday that gold production has exceeded the upper end of the revised guidance provided to the market in July 2014 of 250,000 ounces by approximately 10%.
The company revealed that through the last quarter of 2014, the mine and process plant continued to operate well with gold production again exceeding target and costs being on target for the quarter. "67,425 ounces of gold poured during the quarter and 589,397 ounces of silver poured in the quarter," she said.
She added that gold and silver revenue received from sales of $ 91.0 million for the last quarter of 2014 and $ 384.1 million for the full year of 2014. She revealed that the site operating costs for the fourth quarter 2014 were again well controlled as management continued to seek operating improvements across all activities. All-in sustaining costs (AISC) under the World Gold Council (WGC) guidelines were $728/ounce sold for the quarter and $ 700/ounce for the year 2014. This is at the very bottom of the guidance of $ 700/ounce to $ 800/ounce sold as provided to the market in July 2014.
In 2015, the vompany anticipates the Martabe mine will produce 250,000 ounces of gold and approximately 2.2 million ounces of silver. AISC, as calculated using the WGC Guidelines, are anticipated to be between $ 750 and $ 850 per ounce of gold sold. Site cash operating costs per ounce of gold sold as calculated using the WGC Adjusted Operating Cost guideline are anticipated to be between $500 and $600 per ounce. Exploration expenditures are expected to be approximately $ 15 million, whilst capital expenditure is estimated to be approximately $ 66 million - this includes some minor land acquisition costs, lifts for the TSF and installation of a secondary crushing facility to bring plant throughput capacity to around 5mtpa.Exploration activity continued with 5 drill rigs operating close to the Martabe operations. Activity continued to focus on near mine resource potential at Purnama, Barani South, Tor Uluala and Uluala Hulu.
President Director of G-Resources Martabe Gold Mine Peter Albert said that, ?We are delighted with the 2014 production figures at Martabe and the solid performance of the whole team. We will continue our good operation and outstanding results in 2015, as well as consistently maintain our focus on seeking savings in both operating and capital costs wherever possible.?
Editing by Johannes Simbolon