Newcrest reports lower gold output from Gosowong mine
Thursday, October 17 2013 - 01:32 AM WIB
ASX-listed Newcrest Mining reported that gold output from the Gosowong mine on Halmahera Island, in North Maluku province, during the September quarter of this year declined by 23 percent compared to output in the June quarter.
The company said in a statement received Thursday that the September 2013 quarter performance was 71,227 ounces of gold at an All-In Sustaining Cost of A$973 per ounce. This compares with the June 2013 quarter performance of 92,896 ounces of gold and a 2013 financial year All-In Sustaining Cost of A$662 per ounce.
Gold production was lower than the previous quarter due to the scheduled mining of lower grade stopes in the Kencana and Toguraci underground orebodies. Mill throughput increased 5 percent and gold recoveries were slightly higher than the previous quarter. Production in the second half of the financial year is expected to be higher in line with higher grade ore in the mine plan, Newcrest said.
The All-In Sustaining Cost for the September 2013 quarter was A$973 per ounce. This was higher than the Gosowong average for the full 2013 financial year of A$662 per ounce, primarily due to the lower grade ore resulting in reduced gold production and sales, and higher sustaining capital expenditure per ounce.
Newcrest controls 75 percent stake in PT Nusa Halmahera, which owns and operates the Gosowong mine.
Editing by Reiner Simanjuntak