Newcrest reports higher gold production from Maluku mine

Australian mining firm Newcrest Mining Limited reported on Monday that July-September gold production from its Halmahera Island mine, Maluku reached 85,273 ounces, significantly higher than previous quarter?s production of 56,067 ounces with cash cost decreased to US$242 per ounces from $ 377.

Increased gold production was attributable to the ramp up of Kencana underground mine and increased production from the Toguraci open pit, said the company in a quarterly report.

During the quarter Kencana produced 61, 286 ounces and Toguraci produced the remaining balance. The company said mining of the Toguraci pit would be finalized in October this year.

Unit cash cost decline as the ramp up of Kencana enabled higher garde ore to be processed in addition to higher mill throughput with the commissioning of the upgraded mill, said the company.

Halmahera gold mine is operated by PT Nusa Halmahera Minerals, a joint venture company between Newcrest Mining Limited (82.5 percent) and PT Aneka Tambang (17.5 percent). (alex)