Rio Tinto?s KEM produces 76,000 ounces of gold in Q1
Wednesday, April 21 2004 - 05:59 AM WIB
World mining giant Rio Tinto Limited reported that its Indonesian unit PT Kelian Equtorial Mining (KEM) had produced 76,000 ounces of gold in the first quarter of 2004, down from 82,000 ounces in the fourth quarter of 2003.
The company also reported that gold sales had increased in the quarter to 113,000 ounces compared to the fourth quarter last year of 47,000 ounces.
KEM, Rio Tinto?s 90 percent subsidiary, operates a gold mine in Kelian of the West Kutai Regency, East Kalimantan. Mining from the Kelian pit ended in May 2003 when economic ore reserves where exhausted. The processing of ore stockpiles will continue until the end of 2004 and all production operations will then cease. (robert)