Tolu Minerals Ltd has produced its first gold from the Tolukuma Gold Mine in Papua New Guinea as part of the commissioning process for the mine’s new processing plant.
The company has advanced to commissioning the modular gravity recovery plant, where testing is nearing completion.
TOK is also satisfied with the installation of its geotube tailings decant system, which the company says is proving effective.
Formal production and revenue generation is set to begin this month, once final commissioning is complete.
High gold price environment
“The production of gold through the commissioning phase of the APT plant is another major milestone in the development of Tolu and the return of Tolukuma Gold Mine to high grade gold and silver production and recommencement of revenue generation,” Tolu Minerals managing director and CEO Ian Macpherson said.
“Commissioning also occurs at a time of strong gold prices with the gold price through US$3,100 and reaching AU$5,000 this morning.
“Commissioning and optimisation of the plant and associated tailings management infrastructure continues, and it is particularly pleasing to see that the geotube tailings decant system appears to be working effectively and is providing insight into the use of the technology as a potential long-term aide to tailings storage.
“The plant throughput and modular expansion capability is designed to match the mine’s production ramp up schedule while enabling lower operating costs.
“Not only will it generate revenue, but it will also enable testing of more effective processing, including enhanced gold and silver recovery.”
The company says Tolukuma’s pathway to the first stage of scaled production is gaining momentum, with focus turning to resource targets for gold processing.
TOK’s initial target is to achieve a production rate approaching about 1,600 ounces of gold per month by the end of 2025.