The startup of the sulphide circuit at the Lihir gold mine in Papua New Guinea translated into higher production and lower costs for Lihir Gold (LIHRY-Q) during the last quarter of 1997.
Throughout December alone, Lihir recovered 61,037 oz., or 25% of the amount produced during the quarter (150,344 oz.)
The sulphide circuit processed higher-grade material (8.6 grams gold per tonne) than did the oxide circuit during the previous quarter (3 grams per tonne), resulting in higher production.
Cash operating costs during the recent 3-month period amounted to US$193 per oz., whereas cash costs were US$200 per oz. Total production costs stood at US$255 per oz.
Lihir sold 150,344 oz. gold during the quarter at an average realized price of US$379 per oz., down from more than US$400 per oz. in the previous quarter.
The company spent US$69,000 on exploration during the period, outlining copper and gold anomalies in a valley north of the mine. Lihir also encountered mineralization in several new holes in the southern and southeastern margins of the Minifie pit, confirming continuity with the Camp deposit. Further drilling is planned.
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