Sumatra Copper reports lower gold, silver production
Wednesday, November 1 2017 - 04:29 AM WIB
ASX-listed Sumatra Copper & Gold Plc reported weaker gold production at its Tembang gold and silver mine in southern Sumatra, in the third quarter of this year compared to the corresponding period of last year, and a sharp drop in silver output.
The company said on Wednesday that gold production for the quarter reached 5,667 oz and silver production of 28,107 oz (total of 6,020 AuEq oz).
It did not provide comparative figures for same quarter of last year, but this portal reported last year that gold production in the third quarter of 2016 reached 6,145 oz and silver production 79,354 oz (total of 7,306 AuEq oz).
Sumatra said full year production guidance for 2017 is now reduced to 30,000 ? 32,000 oz AuEq, with production guidance for 2018 currently forecast at between 45,000 ‐ 55,000 oz AuEq.
With the lower production, sales during the third quarter of this year were also weaker with gold sales of 6,655 oz and silver sales of 36,652 oz, compared to during the third quarter of 2016 with gold sales of 7,233 oz and silver sales of 79,573 oz.
Average realized sales price for gold in the third quarter of this year was US$1,258/oz and silver $16.05/oz, which are slightly lower than the average realized sales price of $1,285/oz and $17.52/oz, respectively for gold and silver during the third quarter of last year.
As a result, gold and silver revenue in the third quarter of this year were lower, respectively at $8.37 million and $0.59 million for total revenue of $8.96 million. In comparison, in the third quarter of last year, gold and silver revenue reached $9.623 million and $1.545 million respectively for total revenue of $11.168 million.
Editing by Reiner Simanjuntak