HONG KONG (Yosefardi) – G-Resources Group Limited reported its Martabe mine in Indonesia has produced 209,000 ounces of gold and over one million ounces of silver in the 9 months to 30 September 2013, exceeding ramp-up expectations.
The mine is on target to achieve guidance of 280,000 ounces of gold and 1.7 million ounces of silver for the calendar year 2013, with NAGIS cash cost of $512/oz poured and AISC costs of $867/oz sold.
Gold and silver revenue received from sales was $119.5M. Site operating costs for the quarter were again under budget as management continued to seek operating improvements across all activities.
Cash costs to gold under the Gold Institute Standard (NAGIS) were $397/oz poured and all in sustaining costs under the World Gold Council guidelines were $668/oz sold.
A revised Resource and Reserve statement was released on 23 September 2013 yielding, after mining depletion, 150,000 more ounces of gold in Resources and 143,000 more ounces of gold in Reserves.
The Martabe mine is located on the western side of the Indonesian island of Sumatra in the Province of North Sumatra, in the Batangtoru sub-district (Figure 1). Martabe is established under a sixth generation Contract of Work (“CoW”) signed in April 1997. The CoW defines all of the terms, conditions and obligations of both G-Resources and the Government of Indonesia for the life of the CoW.
Martabe, with a resource base of 8.2 million ounces of gold and 75.3 million ounces of silver, is G-Resources Group’s core starter asset. Martabe operates at full capacity both in terms of milled tonnage and gold output, treating the equivalent of 4.5mtpa and producing more than 250,000 ounces gold per annum. Costs are competitive when compared to global gold producers.