K92 Mining to Invest $250M
Over the next three years, K92 Mining Inc will invest US$250 million (K855.55mil) to hit a production level of more than 300,000 ounces per annum. According to chief executive officer John Lewins, the company will still continue to provide beneficial outcomes to the communities.
“We are excited about the coming year as it will be a major transformative year for our company,” he said. “We believe we will provide many positive outcomes for all of our stakeholders, including our communities. We are forecasting a new record production for the year, committing to a major expansion which will see K92 Mining spend US$250 million (K855.55mil) in capital over the next three years and move to a production of over 300,000 ounces per annum.”
He said that in early 2021, the operations of the company is to increase to more than 1,000 employees and at the end of 2022, to more than 1,500. The number of employees is currently at 730 - with 130 casuals and 200 contractors.
Lewins added that the mine has finished an expansion of mine production capacity to double throughout- from 200,000 tonnes per annum to 400,000 tonnes per annum.
“As a result, production this year will increase from 82,000 ozs gold in 2019 to 100,000 ozs gold in 2020 and 140,000 ozs gold in 2021,” he said. “We have had significant exploration success in 2020 and will be spending even more on exploration in 2021 – over K30 million to build on that success.”