Kingsgate faced with lower production
PERTH (miningweekly.com) – ASX-listed Kingsgate Consolidated has reported a decline in gold production as its Chatree and Challenger mines reported lower outputs.
At the Chatree gold mine, in Thailand, Kingsgate produced 31 609 oz of gold during the quarter, compared with the 34 221 oz delivered in the previous quarter. Kingsgate noted that the declining production reflected a lower head grade at Chatree, but added that this was in line with expectations.
At the Challenger mine, in South Australia, production declined to 17 116 oz during the quarter, compared with the 20 318 oz delivered in the three months to December.
The mine continued to operate on the new mine plan focusing on the Challenger West deposit, and while the head grade was higher during the March quarter, compared with the previous quarter, the operating schedule resulted in lower available stope and development ore early in the quarter.
Meanwhile, gold sales for the quarter reached 48 216 oz, at an average gold price of $1 274/oz.
Kingsgate said on Tuesday that the company was on track to meet its full-year production guidance of between 190 000 oz and 210 000 oz, of which the Chatree mine was expected to deliver between 120 000 oz and 130 000 oz, while the balance would be sourced from Challenger.
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