Newcrest: Mine production resumed at Kencana
Tuesday, June 14 2016 - 05:32 AM WIB
ASX-listed Newcrest Mining Ltd announced Tuesday that mining activities recommenced over the weekend at the Kencana mine, part of the Gosowong operation, in Halmahera Island, North Maluku Province.
The company said in a statement that following the geotechnical event at Kencana on February 8, 2016, mining at Gosowong was suspended. Mining recommenced at the Toguraci mine on April 12 and at the Kencana mine over the weekend.
?Both mines will continue to ramp up, with full production not expected for at least two months,? the statement said.
Group production and cost guidance for the 2016 financial year remains unchanged from the guidance provided in the March Quarterly Report on April 26, 2016. Gosowong production for the 2016 financial year is expected to be around the bottom end of its guidance range, the company said.
Gosowong is owned and operated by PT Nusa Halmahera Minerals (PTNHM), an Indonesian company 75 per cent owned by Newcrest, which holds contract of work that is valid until 2029.
In the financial year ending 30 June 2015, Gosowong produced 331,555 ounces of gold and 410,970 ounces of silver. Since mine operations commenced in 1999, over four million ounces of gold and three million ounces of silver have been produced.
Editing by Reiner Simanjuntak