Straits lowers Mt Muro gold production target
Saturday, May 12 2012 - 03:45 AM WIB
ASX-listed mining firm Straits Resources Limited reported on Friday that its gold output target from Mount Muro mine in Central Kalimantan is reduced to 40,000 ounces of gold equivalent (oz AuEq) this year from 45,000 oz AuEq.
The company said the decrease in production target was due to combination of delay in accessing ore and higher waste stripping for the expanded reserve in Serujan pit.
The company said that the 2013 production guidance of 100,000 0z AuEq in 2013 remained intact.
The company is raising A30 million through institutional placement, $20 million of which will be used to complete Mount Muro production ramp-up.
Straits is setting up minimum 6-year mine plan to produce at least 100,000 oz AuEq from Mount Muro starting next year.
Editing by David Mustakim