27th Apr 2015 06:38
LONDON (Alliance News) - Randgold Resources Ltd on Monday said the Tongon gold mine in the Ivory coast is on track to achieve its full-year production and cost guidance for 2015 after the company made "significant progress" in dealing with challenges at the mine that had previously hampered operations.
The Tongon mine will produce around 260,000 ounces of gold in 2015 at a cash cost of USD820 per ounce. At the current gold price, the project should be able to repay the capital expenditure spent on developing the project in 2015 as scheduled, said Randgold.
The company said the new flotation circuit and ongoing expansion of the crushing circuit at the mine was "having the anticipated impact on production and costs, steadily lifting Tongon towards its designed performance levels," said the company.
In addition, continuing exploration has replaced all the reserves consumed by mining in 2014, effectively extending Tongon's life by a year.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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