Sumatra Copper reports lower, gold silver output
Saturday, April 29 2017 - 07:39 AM WIB
Courtesy of Sumatra Copper
ASX-listed Sumatra Copper & Gold Plc reported on Friday that gold production in the first quarter of this year at its Tembang gold and silver project in southern Sumatra reached 5,159 oz, a 4.59 percent decline from 5,406 oz the corresponding quarter of last year.
The company said in a statement Friday that silver output during the quarter was only 50,555 oz, a 58.14 percent drop from 121,569 oz from in the same period of last year.
As a result, total gold and silver output from the Tembang project in the first quarter of this year fell by 14.73 percent to 5,897 oz AuEq, year-on-year.
Gold sales in the first quarter of this year was also lower at 4,533 oz, compared to 5,465 oz in the corresponding quarter of last year, while silver sales dropped to 58,193 oz, from 119,922 oz.
Average realized sales price for gold during the quarter was $1,216/oz and silver of $17.26/oz, higher than the average realized sales price of gold at $1,106 /oz and silver at $14.92/oz in the same quarter of last year.
Gold and silver revenue reached $5.5 million and $1.0 million, respectively, for total revenue of $6.5 million, down compared to $7.83 million in the same quarter of last year.
Sumatra Copper said that all-in sustaining cost (AISC) during the first quarter of this year stood at $1,527/oz, higher than the AISC in the corresponding quarter of last year at $1,261/oz. Finished product stocks of 1,243 oz gold and 19,886 oz silver at quarter end, the company said.
The company said that full year guidance for 2017 remains unchanged at 45,000 ? 55,000 oz AuEq.
?The loss of ore within the stage 1 Berenai pit placed pressure on production and cashflow during the quarter necessitating the revision of the stoping plan for the Belinau underground mine. Stope production commenced during the current quarter. Open pit production will be back on schedule once removal of mud and back fill is completed, which is expected by the end of April,? the company said.
Editing by Reiner Simanjuntak