Martabe on Course to Achieve Annual Gold, Silver Target
Jakarta. Agincourt Resources, the local unit of Hong Kong-based G-Resources, remains on course to achieve this year's target from its Martabe goldmine in North Sumatra, following strong gold and silver production in third quarter.
Production from the Martabe mine over the first nine months of year stood at 226,618 ounces of gold and around 1.9 million ounces of silver, up 8.9 percent and 19 percent respectively from the year before.
The company produced 70,302 ounces of gold in the July to September period, down 3.9 percent from 73,153 ounces in the same period last year. Silver output was up 1.2 percent to 609,178 ounces from 602,144 ounces.
Agincourt targets 285,000 ounces of gold and 2.3 million ounces of silver this year, the company said in the statement.
"This good quarter will have another sustained positive impact on the balance of the year’s performance,” Tim Duffy, Agincourt's president director, said.
Agincourt aims to achieve an average gold price for the quarter of $1,126 per ounce amid fluctuation in global market.
"This is slightly under the Company’s internal financial modeling, but the greater ounces of gold and silver poured during the quarter has more than made up for any revenue shortfall due to prices," Duffy said.
Martabe’s all in sustaining cost (AISC) was at $520 per ounce sold, down from $695 per ounce sold last year, remaining one of the competitive mine amongst its peers, Duffy said.
In comparison, AISC at US giant Newmont Mining's Batu Hijau Mine in West Nusa Tenggara was at $541 per ounce sold in the third quarter, according to the company's latest financial report.
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