PERTH (miningweekly.com) – Dual-listed gold miner Alacer Gold has reported a record production quarter, as the company’s focus on its Çöpler mine, in Turkey, pays off.
During the third quarter ended September, Alacer increased gold production to 81 059 oz, up 19% on its performance in the second quarter. Attributable gold production for the quarter was 64 847 oz.
The ASX- and TSX-listed miner noted that the increase in production at Çöpler was as a result of increased head grades and improvements in materials handling and leaching activities.
“During the quarter we made a number of transformational changes to refocus on the business of our Turkish operations,” said Alacer CEO Rod Antal.
“We announced the sale of the Australian business unit, we released the Çöpler oxide production profile through 2017, and we made important changes to the senior management team and board.”
Alacer sold its Australian business unit, which included the Higginsville and South Kalgoorlie operations, to Metals X for A$40-million in cash.
The Australian business unit delivered 51 694 oz during the three months under review, and some 137 174 oz for the year-to-date.
Antal noted that the ongoing transformation set Alacer up to leverage its strong balance sheet by focusing on its asset base in Turkey to produce at low all-in costs.
“This quarter’s results highlight the world-class nature of Alacer’s assets in Turkey, as Çöpler once again delivered record quarterly production at some of the lowest costs in the industry.”
In the nine months to date, attributable gold production reached 163 086 oz, a 49% improvement on the previous corresponding period.
Some 129 564 oz of gold was sold during the quarter, including 48 238 oz from the discontinued operations, to generate a total revenue of A$172.8-million.
Looking ahead, Alacer said the Çöpler mine would deliver about 200 000 oz of gold during 2014, decreasing to 160 000 oz in 2015 as head grades decreased and strip ratios increased.