Aurora okays RI gold mine<\/p>\n
PERTH (Reuter): Aurora Gold Ltd said yesterday it had approved
\ndevelopment of its 85 percent-owned Toka Tindung gold-silver mine
\nproject in North Sulawesi, Indonesia, pending final government
\napprovals and financing.<\/p>\n
Production is scheduled to commence in the last quarter of
\ncalendar 1998 an average annual rate of 123,000 equivalent gold
\nounces, Aurora said.<\/p>\n
Unit cash costs are forecast to be under US$235 an ounce, the
\ncompany said.<\/p>\n
Aurora's partner with 15 percent is PT Austindo Mining Corp,
\nwhich is wholly owned by the Tahija family.<\/p>\n
Toka Tindung would increase Aurora's group output to over
\n350,000 equivalent ounces a year, the company said.<\/p>\n
Total capital cost at the start of mine production is forecast
\nat US$51.3 million, Aurora said.<\/p>\n
The capital cost is higher than previous forecasts, reflecting
\nan increase in the throughput of ore to one million tons a year
\nfrom the previously planned 750,000 tonnes and some provision for
\nfuture expansion, the company said.<\/p>\n
Exploration drilling recently increased the project's resource
\ninventory to about 1.1 million ounces of contained gold and 2.6
\nmillion ounces of contained silver, Aurora said.<\/p>\n
The resource is contained in four deposits at the project,
\nwhich in total hold estimated ore reserves of 4.74 million
\ntonnes, grading 3.9 grams of gold and 11 grams of silver per
\nton, the company said.<\/p>\n
Aurora also mines the Mt Muro deposit in East Kalimantan,
\nIndonesia, which is forecast to yield about 220,000 ounces of
\ngold equivalent in 1997.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/aurora-okays-ri-gold-mine-1447893297",
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"sponsor": "Okusi Associates",
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