Business World
DAILY output of Australian miner CGA Mining Ltd. from its Masbate gold project increased to a new record high, the miner told the stock exchange in a disclosure.
Its Masbate gold project processed 22,562 metric tons (MT) of ore last Nov. 27, higher than its previous record of 21,831 dry MT of ore last Nov. 10, the miner reported today.
The new daily record is equivalent to an annual processing rate of 7.5 million MT, above the design capacity of 4 million MT per annum, it added.
In its annual report for the fiscal year 2009-2010 ending in June, the miner said that while the processing plant at the mine has a design throughput of only 4 million MT of ore per annum, output level during the first year of operations reached 6 million MT of ore.
For the fiscal year, gold produced at the Masbate Gold Project was in excess of 150,000 ounces. The miner sees an annual gold production of 200,000 ounces from the site after completing the expansion of the mine in 2011.
The miner has invested $15 million in the site to further increase the throughput level to 6.5 million MT of ore per year to achieve an annual production of 200,000 ounces of gold. The investment is on top of the initial $10 million set aside for exploration around the existing mine. -- Kathleen A. Martin
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