Eden Roc aims for higher output

Annual gold production of 100,000 oz. within three years is projected by Eden Roc Mineral (TSE).

Chairman Harry Quint made the prediction at an analysts meeting in New York City. He said Eden Roc, with operations in Africa’s Ivory Coast, will produce 25,000-30,000 oz. during the fiscal year ending Sept. 30, the company’s first full year of production.

Based on the current price of gold, Eden Roc’s revenues would approach US$9 million in the current fiscal year, he said.

“With Eden Roc’s production costs declining to a current level of $150 per oz., we are confident that we will report substantial profits in the first six months of this fiscal year,” Quint said. “We are targeting a further reduction in costs to the range of $120 per oz. in the second half of fiscal 1993.”

Hermann Derbuch, Eden Roc’s senior vice-president and chief operating officer, said the company is currently processing about 800 tons ore per day at a grade of 0.14 oz. per ton, with individual assays as high as 0.8 oz. Eden Roc plans to increase production to 1,100 tons per day by the end of the year.

“Our 100,000 oz. annual capacity goal is based on the development of an adjacent area with a capacity of 40,000 oz. annually next year and a third area with annual capacity of 30,000 oz. in 1995,” Derbuch said. “In addition, exploration continues in other promising areas within Eden Roc’s Ivory Coast concession.”