Kingsrose Q3 gold output declines
Monday, October 29 2012 - 11:30 AM WIB
ASX-listed Kingsrose Mining Ltd recently reported that its 85 percent owned Lampung-based Way Linggo Gold Project produced up to 3,683 oz of gold and 34,416 of silver (or 4,238 oz gold equivalent) for the third quarter, falling from 8,763 oz of gold and 100,427 oz of silver in the second quarter ended June 30. The Way Linggo mine produced 10,868 tonnes of ore at a grade of 10.3g/t gold and 103 g/t silver during the quarter.
"Production levels at the Way Linggo mine decreased as anticipated as several stopes were completed and a greater proportion of ore was sourced from sublevel development," the company said in a statement submitted to the ASX.
Cash cost is restricted to US$484/oz from $258/oz in June quarter. Cost cutting measure, the company said, partially offsetting impact of lower production.
Kingroase total project resource, comprising of Way Linggo mine and Talang Santo mine, was said to increase by 25 percent to 485,869 oz gold and 3,183,278 silver, as Talang Santo resource has increased by 73 percent to 287,489 oz gold and 894,951 oz silver.
Yet the company also stated that due to an accident on September 13, which resulted in the death of a mine worker, operation has been suspended in Talang Santo, but is expected to resume in November with ramp-up target to reach the annualized rate until the end of March quarter 2013. Total project production is expected to reach 30 to 35 thousand oz in FY2013.
Editing by Er Audy Zandri