Sumatra Copper & Gold announces Q1 2016 production

By Ruli Setiawan

ASX-listed Sumatra Copper & Gold Plc reported on Friday that production in the first quarter of this year at its Tembang gold and silver project in southern Sumatra reached 5,406 oz for gold and 121,569 oz for silver (6,916 gold-equivalent ?AuEq?1 ounces)

All-in sustaining cost (AISC) stood at US$1,261/oz and cash cost (C1) at $1,018/oz, net of Ag credits, the firm said.

Gold recovery reached 89.8 percent and silver recovery 73.0 percent. Finished product stocks stood at 1,150 oz of gold and 18,458 oz of silver at quarter end. Meanwhile, gold sales reached 5,465 oz and silver sales 119,922 oz

Gold and silver revenue stood at $6.044 million and $1.799 million respectively for total revenue of $7.833 million. Average realized sales price of gold was $1,106 /oz and silver$14.92/oz.

During April 2016, underground mine productivity continued to improve, with ore production expected to increase upon access to Level 4 (scheduled for late May). In addition, increased grade is expected through the planned change in the underground mining method to a conventional top-down long hole stoping to access high grade stope areas sooner than the current mine schedule.

Guidance for full year 2016 remains as stated in the 2015 Annual Report: Gold-equivalent production of at least 35,000 ounces during 2016, with the second half of 2016 consistent with an annual production rate of 40,000 to 50,000 ounces per annum; Cash cost per ounce, after silver credits, of $750 per ounce.

Editing by Johannes Simbolon