MARTABE GOLD MINE DELIVERS STRONG PERFORMANCE

[CATEGORY: MINING]

   

PT Agincourt Resources, the owner and operator of the Martabe gold mine in South Tapanuli Regency, North Sumatra Province, stated that the mine delivered a strong production performance in the first quarter of 2016.

Tim Duffy, President Director and Managing Director of Agincourt said in a press statement that the company's processing plant milled as much as 1.215 million tons of ore that produced 78,171 ounces of gold and 573,892 ounces of silver during the quarter.

Duffy explained that the capital spent through the first quarter was US$ 8.2 million, whilst the exploration expenditures are expected to be approximately $ 2.19 million. "Our annual capital expenditures are expected to be approximately $ 67 million while exploration expenditures are expected to be approximately $ 12 million," he said.

According to Duffy the firm is currently in preparation to install a secondary crusher, planned to take place next year, and to be commissioned in 2017, which will enable Martabe to increase process plant throughput to 5 million tons per annum.

Another important progress of Martabe, Duffy added, is application to the government to develop and operate the Barani and Ramba Joring Pits. "These are much smaller than the existing Purnama pit and together will extend the life of mine at Martabe by 2 years from 10 years we initially have with only Purnama Pit."

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