Newcrest reports Q3 Indonesian gold production
Wednesday, October 27 2004 - 01:23 AM WIB
Australian mining firm Newcrest Mining limited reported on Wednesday that its July-September 2004 gold production from its Toguraci mine, which is located in North Maluku province, was 52,252oz, lower than previous quarter?s production of 56,388oz.
Newcrest reported cash cost during the quarter was US$254/oz, with total cost of $293/oz. Ore was processed at a head grade of 27.13g/t Au with a gold recovery of 98.0%.
The company also reported that The Midas pit at Toguraci was completed during September with ore now being sourced from the Damar pit. During the quarter, the company had doubled the nearby Kencana Mineral Resource to 2.2Moz and pre-feasibility work continued on the Kencana project development. The study is expected to be completed in the December quarter of the current financial year.
Newcrest has 82.5 percent stake in Toguraci gold mine, with the remaining interest held by state miner PT. Aneka Tambang. (alex)