Crater Gold Mining Limited announced that its upgraded gold mining plant has been transported to the HGZ mine project site.
Crater said the upgraded mining plant includes two new hammer mills, two high speed centrifugal concentrators, gravity shaking tables and a new compressor.
According to the company, the incorporation of the upgraded gold mining plant will commence immediately and will result in higher gold mining production and better gold recovery when compared to the existing testing plant.
Crater Gold’s PNG managing director Richard Johnson said the company’s objective was to establish itself as a profitable gold producer upon reaching gold mining plant capacity during the second quarter of 2016.
“The company is excited by the upcoming phase, during which we anticipate an acceleration of our process of transition from gold developer to profitable gold producer,” Mr Johnson said.
According to him, the company expects to produce some 10,000 ounces of gold in the first full year of production, at an all-in cash cost of below $400 per ounce average over the mining lease term.