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Pantoro reports 44% y/y production increase

Pantoro reports 44% y/y production increase

Thu Jan 11 2018


During the three months ended December, ASX-listed gold miner Pantoro produced a record 13 841 oz, compared with 13 282 oz in the previous quarter and 9 598 oz in the same period in the prior year.


This represents a 44% year-on-year production increase.


The Nicolsons processing plant, in Western Australia, continued to operate reliably at increased production rates, with 60 443 t processed at an average grade of 7.67 g/t gold and an average recovery of 92.9%.


Pantoro completed its ore sorting testwork and subsequently ordered a Steinert ore sorter for installation at Nicolsons. The ore sorter will be the primary facilitator of continued production increases during the coming year and the plan is for it to be operational by April.


Pantoro is continuing to aim for production rates of 80 000 oz/y to 100 000 oz/y by the end of 2018.


The company further reported that its Wagtail openpits were completed in December, while works to establish underground access points were under way. “We are aiming to have approvals in place to start underground mining in April,” it added.


Four drill rigs were also continuing to operate at site with mineral resource and ore reserve updates planned in the first half of the year. Drilling was primarily focused on Nicolsons depth extensions and Wagtail underground definition and extension.


First pass exploration results from other drill targets are expected during the current quarter.


Pantoro further highlighted that it expected to be debt free by the end of April with 500 oz/m being repaid. Its current net debt position reduced by 1 500 oz to 2 000 oz.


“Production is expected to remain around current levels for the next two quarters ahead of further substantial increases as underground ore supply from Wagtail and the benefits of ore sorting take effect. With the outstanding project debt due to be repaid early in 2018, the company is very well positioned to continue its growth trajectory during the coming year,” said MD Paul Cmrlec.


Source: http://www.miningweekly.com/