Alacer Gold's Çöpler mine
PERTH (miningweekly.com) – Dual listed gold miner Alacer Gold has reported a 15% increase in gold production during the three months to March, compared with the previous corresponding period.
The Çöpler mine, in Turkey, produced 37 875 oz of gold during the March quarter, compared with 32 918 oz in the previous corresponding period, with gold sales increasing from 34 804 oz to 42 131 oz over the same period.
Gold sales for the quarter generated revenues of $56.3-million, which was a 31% increase on the first quarter of 2017, reflecting not only the 21% increase in gold ounces sold, but also a 9% increase in the realised gold price.
“A good start to the year from our oxide operations with 37 875 oz of gold production generating robust operating cashflow at all-in sustaining costs (AISC) of $737/oz,” said Alacer president and CEO Rod Antal.
“Production and costs are tracking in line with guidance as we progressively transition from oxide to predominantly sulphide ore in the second half of the year.”
The sulphide project is some 85% complete, with commissioning under way. Alacer said that the project is advancing on schedule to start production in the third quarter of 2018, and will be delivered under budget.
The sulphide project will bring Çöpler’s remaining life-of-mine gold production to around four-million ounces at an AISC of $645/oz, and will add around 20 years of production at Çöpler.
The project, to date, has incurred costs of $52-million, with the capital cost estimate reducing from $744-million to $692-million.