SYDNEY (Indonesia Today) – Kingsrose Mining Limited (KRM), controlling shareholder in PT Natarang Mining, confirmed that an accident at Talang Santo mine on its Way Linggo project, Sumatra has resulted in the death of a mine worker.
“Operations at Talang Santo have been temporarily suspended whilst management and the appropriate Indonesian regulatory authorities complete a full investigation,” KRM informed ASX this morning.
KRM owns 85% shares in PT Natarang Mining, which operates Way Linggo gold project. Late last year, KRM announced a maiden mineral resource estimate for Talang Santo totals 879,000 tons at 5.89 g/t gold and 14.63 g/t silver for a contained 166,400 ounces of gold and 413,000 ounces of silver.
For the year ended June 30, 2012, Way Linggo produced 37,650 ounces of gold and 432,754 ounces of silver at cash cost after silver credits of US$254/Oz compared with the average realized gold price of US$1675/Oz.
KRM then booked net profit after tax of A$17.6 million for the financial year. The company expects to produce 40,000 ounces of gold for financial year 2013. (haryanto@theindonesiatoday.com)