HONG KONG (Yosefardi) – Martabe mine in North Sumatra, operated by HKSE-listed G-Resources, produced 281,478 ounces of gold last year, exceeding the 280,000 ounces target.
The output was also well above the mine’s design of 250,000 ounces per annum. Martabe also produced 1.51 million ounces of silver, with the last three months of the year producing at an annualized rate of over 1.8 million ounces per annum.
Martabe gold has a resource base of 8.2 million ounces of gold and 75.3 million ounces of silver. “Costs for the quarter and the year are expected to be in line with guidance,” G-Resources informed HKSE today.
Gold slips 0.05% to US$1238 per ounce Monday, January 6th. G-Resources shares surged 8.11% to HK$0.2 to make a market capitalization of HK$5.3 billion.