Kingsrose downgrades production expectations
PERTH (miningweekly.com) – Gold miner Kingsrose Mining has downgraded its production expectations at the Talang Santo mine, in Indonesia, as the company deferred the mining of high-grade tonnes.
For the 2015 financial year, Kingsrose was expected to produce between 30 000 oz and 35 000 oz of gold, instead of the previously advised 40 000 oz of gold.
The miner told shareholders on Friday that the anticipated ramp-up in production had not yet been achieved since mining started in mid-July this year, with the mine currently hoisting some 315 t/d of ore.
The previous mine schedule had factored in around 60 t/d from the high-grade 2 Level stopes, but Kingsrose noted that ground conditions have necessitated the introduction of additional ground support to ensure the safe extraction of ore, resulting in the mining rate from the production areas being reduced to around 20 t/d from 2 Level.
The requirements for additional pillars were currently under review.
Kingsrose noted that a proportion of the production from the 2 Level would be deferred over a longer mining period and into the next financial year.
While operating costs were currently running below the forecast levels of between $670/oz and $720/oz, Kingsrose has warned that the reduced production rate anticipated at Talang Santo could see a short-term increase in unit costs. However, the miner noted that once steady state production levels have been attained, the all-in sustaining costs would fall to within the guidance range.
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