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IN BRIEF: Serabi Gold purchases ore sorter for Coringa gold project

19th Oct 2023 11:26

Serabi Gold PLC - Brazil-focused gold mining and development company - Buys ore sorter from Krakow-based Comex Group for use at its Coringa gold project in north-central Brazil, in the state of Para. Expects ore sorter to arrive in Brazil before the end of the year, and anticipates it to be operational by the third quarter of 2024. Says capacity of the ore sorter is 40 tonnes per hour, leading to a "significant" rise in gold production rates once operational.

Chief Executive Officer Mike Hogson says: "I have talked to the opportunity for Coringa to double group production, and the ore sorter is an important part in realising this objective. This machine had been set aside for Serabi by the manufacturer, Comex and with the encouragement we are receiving from all stakeholders in support of the project and our strong cash position, the board has approved this purchase to ensure that we are in the best position to maximise our gold production during 2024."

Current stock price: 38.90 pence, up 11%

12-month change: up 66%

By Sabrina Penty, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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