John Lewins, the Chief Executive Officer of K92 Mining Incorporation Limited, declared that 2024 is poised to be a landmark year for the company and its Kainantu mine in Papua New Guinea. The budget for the year reflects ambitious expectations, as the company forecasts its highest-ever production levels. Sales of gold and copper are projected to soar, nearing the K1 billion mark, while operating expenditure is set to exceed K400 million, with over 60 percent earmarked for spending within Papua New Guinea.
As part of its strategic initiatives, the Canadian mining company plans to allocate approximately a billion kina towards its stage three expansion in 2024. This expansion encompasses the construction of a new processing plant and the enhancement of the underground mine to explore and develop new veins, aiming to produce over 1.2 million tonnes of ore annually for the new facility. John Lewins emphasized that significant milestones are anticipated in the first quarter of 2024, including record tonnes processed and the highest Q1 production achieved at the Kainantu mine.
“We will also commence major construction activities for our stage three expansion,” Lewins stated, outlining key components such as the underground raise boring of ventilation shafts and ore passes. Additionally, plans include the mobilization of additional mining equipment and contractors for various construction projects related to the mine's expansion. The company remains committed to ongoing exploration work across its 830 square kilometers of exploration leases, deploying up to five surface diamond drilling rigs and six underground rigs.
The comprehensive approach outlined by K92 Mining underscores its dedication to growth, development, and contributing significantly to Papua New Guinea's mining landscape. The forthcoming year is poised to set new records for the company, solidifying its position as a key player in the region's mining industry.
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