PERTH (miningweekly.com) – ASX-listed Sumatra Copper & Gold has reported a decline in gold and silver production for the three months to September, as a higher proportion of waste was removed from its Tembang mine, in Indonesia.
Gold production for the quarter declined from the 6 104 oz produced in the June quarter to 5 667 oz, while silver production declined from 30 220 oz to 28 107 oz in the same period.
The company told shareholders that following the removal of mud from the Berenai pit in the previous quarter, mining activities at the Tembang openpit operations were able to resume normally.
However, a higher proportion of waste removal was required during the September quarter, which resulted in low ore production. The waste catch-up will be completed in October, and increased ore production is expected from November until the pit is completed in mid-2018.
Meanwhile, gold sold for the quarter increased from 5 208 oz to 6 655 oz, while silver sales remained relatively stagnant at 36 652 oz.
Sumatra on Wednesday told shareholders that revenue for the quarter reached $8.96-million, with gold contributing $8.37-million and silver a further $0.59-million.
Looking ahead, Sumatra expects to produce between 30 000 oz and 32 000 oz of gold equivalent for 2017, with production in 2018 currently forecast to reach between 45 000 oz and 55 000 oz gold equivalent.