WGE Holdings acquires additional Indonesian mining site
Saturday, August 27 2016 - 02:09 AM WIB
US-based WGE Holdings Corp. announced it has acquired an additional site to be operated in conjunction with its existing gold mining properties in Northern Indonesia.
The company said in a statement Friday that the newly acquired mining operation, based in West Sulawesi Province, has a reserve area of 10 hectares and utilizes heap leach technology through a series of smaller leach pads, which have a comparatively lower operating cost per ounce of production than the company?s existing leaching facilities.
?Production of up to 2.5kg/month from this new operation is scheduled to commence in October,? WGE said in the statement.
As recently announced, the company, to be renamed Consolidated Gold Holdings, completed a process of reorganization and integration following its acquisition of an established and operational gold production platform in South East Asia.
The company?s gold operations are located in areas with high-grade volcanic hosted ore deposits which stretch in an arc across the northern part of Sulawesi Province in Indonesia -- areas originally surveyed and exploited by Newmont Mining, one of the world?s largest mining companies.
Consolidated Gold Holdings is a company with a strategic, high growth investment platform targeting countries in South East Asia, one of the world?s best performing economic regions, with a specific focus on mining and production of gold. The company has operating gold mines in Indonesia and is in the process of acquiring additional capacity through acquisition of additional reserves and production capacity both in Indonesia and the Philippines. The company?s gold operations are revenue generating and profitable and its marginal costs are amongst the lowest in the industry.
Editing by Reiner Simanjuntak