K92 Mining Reports Strong Q1 2024 Production Despite Challenges
K92 Mining has announced production results for the first quarter of 2024 at its Kainantu Gold Mine in Papua New Guinea, with production of 27,462 ounces of gold equivalent, surpassing budget expectations. This includes 24,389 ounces of gold, 1,443,300 pounds of copper, and 35,650 ounces of silver. Sales figures for the quarter were similarly strong, with 27,996 ounces of gold, 1,582,668 pounds of copper, and 38,812 ounces of silver sold.
Despite a temporary suspension of underground operations on March 10, 2024, due to a non-industrial incident, the company managed to exceed its production targets for the quarter. The operations have since resumed following the lifting of the Form 29 notice by the Mineral Resources Authority on April 8, 2024.
The processing plant showcased exceptional performance, processing a total of 130,632 tonnes of ore, or 1,436 tonnes per day, which is 11% higher than in Q1 2023 and 5% above the Stage 2A Expansion design rate of 1,370 tonnes per day. Notable records include a daily throughput of 2,389 tonnes on January 21st and a monthly record in January of 57,144 tonnes processed, or 1,843 tonnes per day.
The ore grade for the quarter averaged 7.2 grams per tonne for gold equivalent, including 6.4 grams per tonne of gold, 0.55% copper, and 10.6 grams per tonne of silver. The head grade was impacted by the temporary operational halt, leading to a greater proportion of stockpiles being processed.
Mining activities included long hole open stoping, adhering to design specifications, and total mine development reached 1,682 metres. However, material movements and development were below expectations due to the temporary suspension and other challenges such as reduced contractor availability and a wetter than usual rainy season.
