THE Kainantu gold mine in Papua New Guinea has recorded a strong second quarter in terms of production according to figures released.
K92 Mining Inc said in a statement that performance of its gold mine in Eastern Highlands exceeded mill throughput, with a record 114,471 tonnes of total mill feed mined, an increase of 59 per cent from the same time last year.
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| K92 Mining Inc records strong quarter |
The company’s production results for the quarter were 22,934oz (ounces) of gold, 1,229,961lbs copper and 25,224oz silver.
During the second quarter, Kainantu delivered its third consecutive quarter at stage 2 expansion run-rate throughput, processing a record 108,853 tonnes, an increase of 44 per cent from the same period last year.
The company said as an update on the Stage 2A expansion, its new filter press was installed and operational, the additional TC-1000 secondary crusher was installed in late of second quarter and was currently being commissioned, while the new flotation tanks were scheduled to arrive in fourth quarter of 2022.
“The estimated growth capital cost for the plant expansion is US$2.5 million (about K8.66 million) and was approved last October,” the company said.
K92 chief executive officer and director, John Lewins said the second quarter once again marked another major step forward for the Kainantu gold mine.
“Mill throughput and mill feed delivered from the underground mine were both records, increasing nine per cent and 14 per cent quarter-over-quarter and 44 per cent and 59 per cent versus second quarter 2021, respectively,” he said.
“Development was also strong, increasing 19 per cent from the previous quarter, and the second highest on record.”
“The strong throughput and a higher grade stopping sequence planned for the second half of 2022 bodes well for the operation and we are well positioned to meet our annual production guidance of 115,000oz to 140,000oz AuEq.”
He said the mine had exploration plans apart from its production expansion goals.
“Exploration is also a major focus for K92,” he said.
“There are 10 drill rigs currently operating, focusing on resource growth.
“With our financial position the strongest it has ever been by a significant margin, we expect to increase our exploration budget near-term.”
Statement
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