Kingsrose defers production expectations at Way Linggo
PERTH (miningweekly.com) – Gold miner Kingsrose Mining on Thursday warned shareholders that it was unlikely to achieve its current production target of 20 000 oz of gold for the financial year ended June.
The reduced production came as Kingsrose experienced delays in finalising its regulatory approvals for the Way Linggo project, in Indonesia.
Final permits were expected by April this year, which would pave the way for full production to be resumed, Kingsrose said.
In July last year, the company suspended normal mining activities at the Way Linggo mine as ore production rates continued to fall.
The company took the decision to restart operations, and said on Thursday that development work was progressing well and would ensure that mining rates could be ramped up quickly once the final approvals were received.
To date, mine development has been undertaken on a limited basis, following approval of the technical and economic components of an updated feasibility report. This work was carried out while Kingsrose’s subsidiary PT Natarang Mining completed the remaining regulatory steps, which included the granting of the final forestry permit and the approval of an extension to the existing project environmental assessment to include the Talang Santo mine.
PT Natarang has requested permission to conduct full-scale mining while awaiting approval, but was advised in December by the Indonesian Mines Department that full production would only be permitted once the forestry permit and environmental assessment was granted.
Meanwhile, Kingsrose has agreed with Advanced Concept Holdings to defer the start of the repayment of a $5-million loan from January to July. The interest rate payable has been increased by 2% a year.
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