K92 Mining announces Q3 2023 production results at its Kainantu Gold Mine in Papua New Guinea, reporting a production of 26,225 oz AuEq or 22,227 oz gold, 1,784,009 lbs copper, and 40,233 oz silver. Sales for the quarter comprised 18,339 oz gold, 1,255,291 lbs copper, and 30,484 oz silver.
The quarter’s production faced challenges due to a safety incident on June 28, leading to a nine-day halt in underground mining. This incident caused delays in mining high-grade stoping tonnes originally planned for September, pushing it to Q4. Furthermore, the process plant underwent 4.5 days of scheduled maintenance in July. However, Q4 is anticipated to exhibit the highest production for the year.
In a notable development, the first ore was mined from the twin incline in late September, around two months ahead of schedule. The ore drives advanced 7 meters both south and north, showing multiple high-grade faces from channel samples. A diamond drill rig will soon start drilling in this region to evaluate its potential.
The process plant established numerous throughput records during the quarter, with a daily record on September 28 of 1,867 tonnes processed. The average ore processed for the quarter was 121,201 tonnes, making it the second-highest on record, even with a 4.5-day shutdown in mid-July.
After the launch of the Stage 2A Plant Expansion in May, there has been a marked improvement in metallurgical recoveries for both gold and copper. Despite operational challenges in July, the mine achieved a material movement record, mining on various levels at Kora and Judd.
Overall mine development witnessed an 18% increase from Q3 2022, and the twin incline project is over 90% complete.
Operational updates include a revised production guidance from an original estimate of 120,000-140,000 oz AuEq to 111,000-116,000 oz AuEq for the year. Exploration expenditure has been revised to $20 million from the initial $13-16 million.
The company is optimistic about Q4, forecasting it to be the most productive of the year. Several infrastructure upgrades are planned for the underground mine in the upcoming 12 months.
John Lewins, K92 Chief Executive Officer and Director, expressed positivity about the future of the mine, especially with the process plant outperforming expectations. He mentioned the numerous infrastructure enhancements underway and emphasized K92’s robust financial position for the upcoming expansions.
About K92: K92 Mining Inc. is involved in gold, copper, and silver production at the Kainantu Gold Mine in Papua New Guinea. They declared commercial production from Kainantu in February 2018. The company’s team consists of professionals with a rich background in international mine-building and operations.
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