VANCOUVER (miningweekly.com) – Small-scale Peru-focused gold processor Inca One Gold has reported a 109% year-on-year increase in gold output for May and June, achieving an average throughput of 60 t/d for the two-month period.
TSX-V-listed Inca One’s main asset is its Chala One gold milling facility, in Peru, servicing government-permitted, small-scale miners. The company declared commercial production at the facility in March 2015.
Over these two months, the company processed about 3 681 t of material, compared with 1 747 t year-on-year – an increase of 111%.
Inca One in June reported that mining activity in Peru was disrupted this year by unusually harsh weather conditions, including flooding. After the floods subsided, roadways reopened and mineral deliveries picked up, allowing the company to realise a substantial increase in supply of gold-bearing material for processing.
Mineral purchases from May and June increased by an average of 124% year-on-year.
"We are pleased with the triple-digit improvements in the three main facets of the business: mineral deliveries, processing and gold production. We are building a solid platform which we expect to improve on in the second half of this year,” stated Inca One president and CEO Edward Kelly.
Inca One's wholly owned Chala One milling facility is now connected to the electrical grid. The milling facility is currently receiving about two-thirds of its power from the grid. Final upgrades to the grid near the town of Chala are under way, the company advised. Full powerline delivery is expected by SEAL, the regional power supplier, by the fall of 2017.
Meanwhile, Inca One also announced changes to its board. CFO and director Oliver Foeste has resigned and plans to focus on his growing accounting and finance advisory practice. He has served as a director of the company since 2010, during which time Inca One transitioned from an early-stage exploration company into an operating gold processor, with cumulative revenue of more than $30-million since commercial operations started.
Richard Mundie also resigned from the Inca One board.
Inca One has appointed Kevin Hart CFO, while Rodney Stevens and Adrian Morger have been added to the board with immediate effect.