Newcrest?s Indonesian Q3 gold production down sharply
Wednesday, October 19 2005 - 02:24 AM WIB
Australian miner Newcrest Mining Limited reported on Wednesday gold production from its Toguraci mine in Halmahera Island, North Maluku reduced by almost half to 28,030 ounces during July-September quarter 2005 from previous quarter production of 51,599 oz at cash cost of $425/oz ($274/oz in previous quarter) and total cost of $451/oz ($313/oz).
The company said the decline and steep increase in production costs were due to mining of lower grade ore.
The company said mining at the high-grade ore zone had commenced this quarter and should improve production going forward.
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)