PERTH (miningweekly.com) – Despite reporting a slight decline in production during the three months to September, ASX- and TSX-listed gold miner Troy Resources has maintained its production expectations for the financial year to the end of June 2015.
During the quarter under review, group gold production dropped to 20 624 oz, compared with the 23 057 oz produced in the previous quarter, following delays in the permitting process at the Andorinhas mine, in Brazil.
Mining from the Coruja openpit deposit only started in August this year, resulting in ore availability for the first two months of the quarter being below expectations, and the mine delivering only 5 405 oz of gold, compared with the 7 438 oz delivered in the previous quarter.
Production at the Casposo mine, in Argentina, remained on par with the June quarter, with the operation producing 15 219 oz of gold and 734 893 oz of silver. This was compared with the 15 619 oz of gold and 828 374 oz of silver delivered in the previous quarter.
“The September quarter presented several significant challenges for Troy as Casposo transitioned to full underground production, Andorinhas commenced development of the new Corja openpit and Karouni moved into top gear for the start of construction,” said Troy CEO Martin Purvis.
“Against this backdrop, it is encouraging to note that the operating teams managed to keep performance on track and within guidance, with a positive month-on-month improvement over the quarter.”
Purvis said that the company’s next objective was to consolidate this trend with further productivity improvements driving lower cash costs in order for Troy to respond to the current market levels for both gold and silver.