Merdeka sets higher gold output target next year
Thursday, December 7 2017 - 01:28 AM WIB
IDX-listed gold mining firm PT Merdeka Copper Gold Tbk sets higher gold production target next year from its Tujuh Bukit mine in Banyuwangi, East Java Province, amid declining cost.
Bisnis Indonesia quoted Merdeka CEO Collin Moorhead as saying that the company has set higher gold production guideline next year of 135,000-145,000 oz from 2017 guideline of 120,000 oz.
He said that the higher gold production guideline is in line with the projected lower all-in sustaining cost (AISC) in 2018 of US$425-$475 per oz. He added that the higher gold production target for next year is also made as production this year is expected to be higher than the initial estimate of 100,000-110,000 oz.
The Tujuh Bukit mine started production in March of this year. Merdeka reported last month that gold production at the mine in the third quarter of this year increased to 53,230 oz from 25,063 oz in the second quarter of this year.
The company said that the mine also delivered higher silver output of 15,683 oz in the third quarter of this year from 6,420 oz in the second quarter.
The Tujuh Bukit mine, according to company website, is estimated to have total JORC compliant resources of 19 billion lbs of copper and 28 million oz of gold. (*)