PERTH (miningweekly.com) – ASX-listed Kingsgate Consolidated on Monday said that it was reviewing its capital expenditure and operating plans, given the volatility of the gold and silver prices.
The miner noted that the review was aimed at ensuring the company continued to deliver the strongest return to shareholders.
Gold production for the three months to March increased slightly on the previous quarter, reaching 47 509 oz.
The Chatree gold mine produced 30 609 oz during the quarter, which was only marginally higher compared to the December quarter production of 30 391 oz. Kingsgate noted that mining at the operation progressed well during the period, with minimal interruptions.
At the Challenger gold mine, production increased by 7% over the previous quarter, to 16 900 oz.
Kingsgate reported that operational performance at Challenger was restricted by low underground equipment availability and the requirement to haul waste to surface. Towards the end of the quarter, the operations shifted to stope ore production.
Looking ahead, Kingsgate predicted that the June quarter would deliver the highest quarterly production for the year, and subject to any initiatives that could be implemented as part of the review process, total gold production for the group would be between 200 000 oz and 220 000 oz for the full 2013.