With the Bakyrchik gold project on hold pending optimization studies and restructuring of an agreement with the government of Kazakstan, Indochina Goldfields (ING-T) is focusing on improving the economics of the Monywa copper mine in Myanmar.
The company is building a heap-leach, solvent extraction-electrowinning operation on the plains of central Myanmar (formerly Burma), with the first phase of production expected to generate about 25,000 tonnes of LME-grade copper cathode per year.
Mining has reached the design level of 11,000 tonnes per day and, during the latest quarter ended June 30, the ore stacked on the leach pads increased to about 1 million tonnes grading 0.88% copper.
Indochina Goldfields says efforts are being made to lower operating costs and increase cash flows. Studies have shown that an expansion of the operation to 30,000-35,000 tonnes per day may be possible. The capital costs for the expansion are described as “modest,” and will result in increased returns and lower costs. Commercial accounting of production is expected to be achieved by year-end.
Meanwhile, Indochina Goldfields’ exploration team is focusing its efforts on zinc-silver-lead prospects in Indonesia, and two gold targets in Thailand.
At Bakyrchik, the company is continuing to reduce its holding costs as it seeks a joint-venture partner for the large, metallurgically complex gold project.
It is also lowering overhead costs and staff requirements, among other steps, in an attempt to conserve cash during this period of weak equity markets.
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