K92 Mining has broken its previous production record at the Kainantu gold mine in PNG, drawing the attention of Prime Minister James Marape.
The record result saw the miner unearth 53,401 ounces (oz) of gold, 958,312 pounds (lbs) of copper and 41,992 oz of silver.
All up, production was up 37 per cent on the previous quarter, a 21 per cent jump on the previous record set in the third quarter of 2024.
K92’s sales from the quarter were also awarded record-breaking-status, with 48,350oz of gold, 946,704lbs of copper and 41,720oz of silver sold.
The mine’s annual 2024 production of 149,515oz of gold equivalent (139,123oz of gold), 4.9 million lbs of copper and 142,063oz of silver was a 27 per cent increase from 2023.
The haul significantly exceeded Kainantu’s production guidance range of 120,000–140,000oz of gold equivalent.
K92 chief executive officer and director John Lewins said the results bode well for Kainantu’s upcoming Stage 3 expansion, which is expected to increase annual throughput to 1.2 million tonnes per annum.
“As we look ahead at 2025, there is tremendous enthusiasm within the company and in Papua New Guinea for the upcoming delivery of the Stage 3 Expansion, which is designed to transform Kainantu into a Tier 1 mid-tier producer,” Lewins said.
“Construction is rapidly advancing, with approximately 70 per cent of growth capital either spent or committed as at December 31 2024.”
The PNG Prime Minister congratulated K92 on its achievement.
“The record-breaking results achieved by K92 Mining are encouraging for Papua New Guinea as we continue to see significant contributions from our resource sector to the nation’s economic growth,” Marape said.
“K92 Mining’s continued success, particularly through its Stage 3 expansion, demonstrates the potential of our mining industry to create more jobs for our people, improve community infrastructure, and contribute to the country’s long-term development goals.
“K92 Mining’s achievements provide a solid foundation for 2025 and beyond, and I encourage other resource companies to follow this example by continuing to invest in our country and our people.”
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