Photo by: Bloomberg
PERTH (miningweekly.com) – Dual-listed gold miner Alacer Gold has downgraded its production expectations for 2016, following delays in accessing higher-grade ore at the Marble pit of its Çöpler gold mine in Turkey.
Alacer now expects to produce between 115 000 oz and 125 000 oz of gold this year, rather than a previous estimate of between 150 000 oz and 170 000 oz.
Further, total cash cost expectations were increased from between $575/oz and $625/oz, to between $675/oz and $725/oz, while all-in sustaining costs guidance was increased from between $780/oz and $830/oz, to between $900/oz and $950/oz.
“While we have successfully increased the amount of contained ounces stacked so far in the fourth quarter, it is now clear that we will not be able to meet our 2016 guidance,” said Alacer president and CEO Rod Antal on Thursday.
“Breakthrough of leached solution from the recently stacked areas of the pad was slower than we hoped, which will simply result in these ounces being added to 2017 production.”