Mine’s production exceeds expectation despite hiccups
K92 Mining Ltd’s Kainantu gold mine operation in Eastern Highlands exceeded its third-quarter production budget by 14 per cent, it said.
The company noted that importantly, the above budget production was achieved despite a number of interruptions to underground mine operations due to upgrading of underground infrastructure and mining of three bypasses in the main incline associated with the expansion project. Some interruption in plant operations was also experienced during the quarter due to installation and commissioning of a gravity circuit.
During third quarter, the mine produced 18,636 ounces of gold, 209,287 pounds of copper and 5,284 ounces of silver.
Production for the first three quarters of this year is a record of 56,741 ounces of gold, compared to production of 47,237 for the whole of last year. Chief executive John Lewins said: “The production results for the third quarter reflects the robustness of the Kora North deposit and the ability of the team at Kainantu to deliver on operational performance, while also focusing on major capital and infrastructure projects for the expansion.”
The company continued to work on the expansion of the Kora/Kora North Resource, with the two surface and three underground rigs operating on the mine lease and 30 holes completed during the quarter.
“I am also extremely pleased to report that there were no lost-time injuries during the quarter, extending our period without a lost-time injury to 40 months,” Lewins said.
During the first quarter, the company announced the start of the expansion of the Kainantu gold mine, with a goal of doubling current capacity to 400,000 tonnes per annum and increasing annual production. to an average of 120,000 ounces of gold equivalent.
The Kainantu property covers a total area of about 410sq km.