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Archipelago Resources confident on production target after first quarter

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Archipelago Resources (LON:AR.) said today it is on track to produce between 135,000 -145,000 ounces of gold this year from its Toka Tindung mine in Indonesia. 

Cash costs are also expected to be between US$ $540 to $590 per ounce.

Archipelago produced 31,189 ounces in the three months to March, its first full quarter of production at the mine since it hit nameplate capacity last November.

Over the quarter, the company mined 654,768 tons of ore, processed 427,859 tons at a head grade of 2.44g/t with a recovery rate of 91.2 per cent.

Production rates now are showing a marked increase, it added, following the end of the rainy season in Indonesia.

The mine plan also envisages an increase in ore grades as the year progresses. 

Marcus Engelbrecht, chief executive, said: "This is the first full quarter of gold production from Toka Tindung since achieving nameplate throughput in November last year.  Production is broadly in line with our planned processing schedule and we remain on target to achieve full year guidance."  

Archipelago is hosting an analyst site visit to the Toka Tindung mine in Indonesia this week. 


 

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