REPUBLIKA.CO.ID, MEDAN -- The Martabe gold mine revised up its production target to 285,000 ounces of gold and 2.3 million ounces of silver in the first quarter of this year. '
The mining company Tambang Emas Martabe revised the target after "good record" in the first three months of the year, na company executive said.
"Originally the production target was set at 250,000 ounces for gold and 2.2 million ounces of silver," its president director Peter Albert said here on Thursday (7/5).
Peter said estimate of All-in Sustaining Cost (AISC) was also revised to a range of US$600 - US$700 per ounce b from US$750 - US$850 per ounce set in January.
He said the revision followed an increase in production that reached 84,220 ounces of gold in the first quarter of equivalent to 337,000 ounces a year and 651,218 ounces of silver or equivalent to 2.6 million ounces of silver a year.
The production in the first quarter of 2015 was the highest in quarterly production since its started commercial operation in 2013, he said.
The operation cost based on the World Gold Council) of US$344 per ounce was lower than the cost of US$469 per ounce nin the last quarter of 2014.
Peter said the resources of Tambang Emas Martabe by 31 December 2014 were 7.4 million ounces of gold and 70 million ounces of silver.
The reserves are 2.68 million ounces of gold and 27.2 million onces of silver.
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