Sales From Martabe Mine Fall 10% in 2014
Jakarta. G-Resources, a Hong Kong-listed miner that controls Martabe gold and silver mine in North Sumatra province reported a 10.49 percent fall in sales due to falling gold price, the company said in a statement on Monday.
The company booked $384 million from sales of gold and silver last year, falling from $429 million in 2013. G-Resources saw an average gold price declined to $1,258 per ounce last year from $1,410 per ounce in 2013.
Last year, the Martabe mine produced 275,515 ounces of gold and over 2.2 million ounces of silver, up from 281,477 ounces of gold and just over 1.5 million ounces of silver mined in 2013.
Capital spent through the year, excluding regional exploration, was $61 million. This was below the budget and guidance of $65 million.
In 2015, G-Resources anticipates production of 250,000 ounces of gold and approximately 2.2 million ounces of silver from the Martabe mine.
The Hong Kong-based company expects to boost its capital spending to $66 million next year, which will cover land acquisition spending, upgrade its tailing storage facility, and installation of a secondary crushing facility.
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