Newcrest: Gosowong Q3 gold production jumps over 227%

By Romel S. Gurky

ASX-listed Newcrest Mining Ltd said that gold production at the Gosowong mine on Halmahera Island, North Maluku province, in the third quarter (Q3) of this year jumped by 227.27 percent to 57,690 ounces from 17,644 ounces in the second quarter.

The company said in a statement on Thursday that gold sales volume was also higher at 55,670 ounces compared to 12,333 ounces.

Newcrest said that production at Gosowong continued to ramp up following the resumption of mining at Toguraci on April 12 and Kencana on June 10 and the geotechnical event in February. Ore processed in the September quarter recovered to 112kt which is approximately 60 percent of pre-geotechnical event rates. ?It is expected that ramp up from both mines will continue until output reaches approximately 75 percent of pre-geotechnical event levels,? the company said.

AISC per ounce in the September quarter decreased 58 percent as a result of higher sales volume, primarily as a result of increased production due to increased mining which was partly offset by lower head grade.

Editing by Reiner Simanjuntak