Newcrest gold output in Halmahera up in first three months, production cost down
Thursday, April 26 2001 - 04:40 AM WIB
Australian listed mining company Newcrest Mining Limited reported on Thursday gold production in its Gosowong mine on Halmahera island, North Maluku province substantially increased to 57,913 ounces in the Jan-Mar 2001 quarter from 41,555 ounces in the corresponding period last year.
According to the company's quarterly report, the increase in production was due to higher grade of gold ore processed.
The report further said the higher grade ore processed enabled the company to cut its total production cost to A$411 per ounces in the quarter from A$517 per ounces in the year-ago period.
Drilling in the Toguraci field located two kms of the Gosowong mine continued with the aim of extending Gosowong mine's life, said the statement.
Newcrest holds 82.5 percent interest in PT Nusa Halmahera Minerals, which is the operator of the Gosowong gold mine, while state miner PT Aneka Tambang Tbk. holds the rest.
Production in Gosowong commenced in 1999 and the mine is expected to last for 5 years. (alex)