Record quarterly gold, copper and silver production has put K92 Mining on the fast-track to a bumper year.
The PNG major recorded production results of 41,702 ounces (oz) of gold, 41,702oz of silver and 1.2 million pounds of copper for the third quarter of 2024.
Metallurgical recoveries sat at 95.3 per cent for gold and 95.1 per cent copper, with September seeing a record monthly gold recovery of 96.5 per cent.
“As we guided to at the beginning of the year, [the second half of 2024] was expected to be the strongest, and it has certainly delivered thus far, with record ounces produced and sold, and record recoveries while benefiting from record gold prices in [quarter three],” K92 chief executive officer and director John Lewins said.
“Importantly, the results have well positioned the company to meet its 2024 operational guidance, while also delivering a notable strengthening to the company’s financial position during the stage three expansion construction, which is very encouraging.”
Other highlights from the quarter included ore processing of 104,992 tonnes, ore mined of 112,333 tonnes and total mine development of 2190m.
“In less than nine months from now, the new stage three expansion standalone plant is scheduled to commence commissioning, marking a major milestone for K92 that has taken multiple years to reach, and it effectively represents the beginning of the company becoming a Tier-1 mid-tier producer,” Lewins said.
“We are also excited to host an analyst and investor tour later this month, highlighting our progress across multiple areas, including current operations, the stage three and four expansions and exploration, while also showcasing the advantages of operating in the mining-friendly jurisdiction of Papua New Guinea.”
Subscribe to PNG Mining and receive the latest news on product announcements, industry developments, commodities and more.
