Beadell warns of less gold in June quarter
PERTH (miningweekly.com) – Despite adjusting its production expectations for the June quarter, gold miner Beadell Resources remains hopeful that it will reach its full year production guidance of between 170 000 oz and 190 000 oz.
The miner told shareholders on Thursday that lower-than-expected material movement from its openpit operations during April and May had necessitated an adjustment of the June quarter production figures.
Operations at the Tucano mine, in Brazil, were impacted by rainfall events during the period, which had particularly impacted material movement as the Urucum openpit transitioned from a majority of clay-rich colluvium and oxide overburden to harder ore.
Gold sales from the Tucano mine were now expected to be between 25 000 oz and 28 000 oz during the quarter ended June, down from the 33 000 oz produced in the previous quarter.
“While it is disappointing to be curtailed in the current June quarter, I am confident we have a robust recovery plan to lift gold sales in the second half,” said Beadell MD Peter Bowler.
“With the dry season now commencing and with ample earthmoving equipment arrived and arriving on site, our material movement is already gaining momentum. The small, but highly profitable, Duckhead cut-back will be undertaken with additional hired equipment to ensure no interference to the planned high production rates from our own Tucano pits.”
The recovery plan was expected to result in gold sales of between 115 000 oz and 125 000 oz for the second half of the financial year, while all-in sustaining costs were expected to remain within guidance of between $810/oz and $890/oz.
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