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Sumatra Copper & Gold Plc
Summary
| Project: | Tembang | |
|---|---|---|
| Deposit: | Tembang | |
| Location: | Indonesia | |
| Commodities: | Gold-Silver | |
| Date: | 5/1/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 1-5-2018: Sumatra Copper & Gold Plc announces a Resource Estimation report for its Tembang deposit at the Tembang project. Annual update of mineral resources and reserves at Tembang Project. Sumatra Copper & Gold plc (ASX: SUM) is a mining company focused | |
| Resources: | (Reserve, P+P): 1.27M6t @ 2.35g/t Au & 26.9g/t Ag for 0.096Moz Au, 1.105Moz Ag contained | |
| CP/QP: | [Resources]: C Black, D Wijayadi, R Spiers (Cube Consulting Pty Ltd.;H&S Consultants Pty Ltd.) | |
| ABSTRACT: | Sumatra Copper & Gold plc (ASX: SUM) is a mining company focused on gold and silver in Indonesia. The Company’s producing asset is the Tembang gold-silver mine in south central Sumatra. The Company also has significant potential for organic growth through exploration and development. 2017 was the second year of full production from the Company’s Tembang gold-silver mine in Sumatra. The mine sources ore from both underground and open-pit operations. Production of gold equivalent ounces (“AuEq”) for the year was 28,549 ounces (2016: 30,509 ounces) against a revised guidance of 30,000 to 32,000 ounces. This was a disappointing result overall and the reasons for it are fully described in the Review of Operations. However production in the final quarter of the year at 10,137 AuEq i oz was a big improvement reflecting, in particular, the better underground productivity from the introduction of shrink stoping and mining the more productive stopes at the bottom of the Belinau underground mine. This improvement has been sustained in the first quarter of 2018. The guidance for 2018 is 45,000 to 55,000 AuEq ounces, the achievement of which would bring the Company into profitability and ease working capital constraints. The mill performed well with gold recovery averaging 94.45% (an improvement of 6% over 2016) and silver recovery averaging 82.65% (an improvement of 11% over 2016). The excellent safety record that we have had since inception has been maintained. There were two minor Lost Time Injuries (“LTIs”) in the first quarter and since then our record has been exemplary with 361 consecutive LTI free days, equivalent to 2,041,735 man hours. This is a great credit to the management and staff at the mine. Cash costs for the year taking into account silver credits averaged US$1,104 per oz, and all-in-sustaining costs averaged US$1,337 per oz, both up about 5% on 2016. The average gold price received during the year was US$1,255 per oz and the average silver price US$16.91 per oz. | |
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