Newcrest reports Indonesian gold production

Australian miner Newcrest Mining Limited reported on Monday gold production from its Toguraci mine in Halmahera island, North Maluku reached 51,599 oz during April-June quarter 2005 at cash cost of $274/oz and total cost of $313/oz. Production was lower compared to previous quarter?s figure of 57,361 oz.

72,100 tonnes of ore was processed during the quarter at a head grade of 22.86g/t Au (versus 31.84 g/t in the previous quarter) with gold recovery of 98.2 percent.

The company said lower processed gold grades resulted from lower grade areas ore bodies and processing of lower grade stockpiles.

The company also said that during the quarter, the portal site for the nearby Kencana underground development was completed including ground support. All equipments for decline development is onsite with undreground mining equipment commissioned. The company said that the final decline design was completed allowing work to progress on the layout of the services.

The company also reported that exploration works continued in Halmahera with discovery and resources definition drilling continued on kencana vein system.

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