Newcrest sees Gosowong gold production down
Wednesday, April 10 2002 - 03:18 AM WIB
Australian gold miner Newcrest Mining Limited expected gold production from its Gosowong mine in Halmahera,North Maluku to decline as the company would begin processing lower grade ore starting June this year.
Newcrest in its quarterly report said Gosowong had ceased mining higher grade ore and processing of the ore would be completed by May.
Gosowong produced 52,139 ounces of gold in January-March quarter.
Newcrest holds 100 percent stake in PT Nusa Halmahera Minerals which runs the Gosowong Mine.
The company is currently conducting advanced exploration activities in Gosowong mine concession had had identified new resources that might extend the mine life. Without new economic resource the mine life would end by 2004. (alex)