K92 Mining has welcomed a bumper final quarter for 2023, closing out the year with record production from its PNG operations.
The miner’s quarterly production reached a new high at 39,101 ounces (oz) of gold, 2.7 million pounds (lbs) of copper and 56,502oz of silver.
The boost rounded out a strong year of production for K92, recording 100,533oz of gold, 7.6 million lbs of copper and 160,628 oz silver, beating its updated guidance range of 111,000–116,000 oz of gold.
K92 chief executive officer and director John Lewins welcomed the announcement, which also revealed a record six per cent profit increase for the year, totalling over $US200 million.
“In 2023, K92 once again took a major step forward in numerous areas, delivering a strong finish to the year with multiple records achieved both financially and operationally, including, but not limited to, record production, development, material movements, earnings per share, cash flow per share, and revenue,” he said.
“Looking ahead, we are very excited for 2024 as we continue to advance the transformation of Kainantu and K92 into a Tier 1, mid-tier producer in 2025.”
K92 Mining owns the Kainantu gold mine in the Eastern Highlands province of PNG. In December 2022, K92 announced its largest expansions to date, which were completed over 2023.
“Concurrent with our transformative expansion works, we also remain focused on exploration, both near-mine and regionally, with very encouraging results to date, particularly from Arakompa in late-February reporting high-grade drill results,” Lewins said.
“Importantly, this is the first time that any drilling has been completed on Arakompa in 32 years with only very limited and shallow drilling completed historically.
“The second drill rig has already commenced drilling at Arakompa and we look forward to providing exploration updates on our various targets in due course.”
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