This year Kumtor mine plans to produce up to 530 thousand ounces of gold
Almaty. August 31. Silkroadnews – Volume of up to 530 thousand ounces of gold is forecasted to be produced at the Kumtor mine in 2016, KyrTAG writes.
«According to estimates, in 2016 the volume of gold production is expected to amount to nearly 500-530 thousand ounces, though earlier the plan was to produce about 480-530 thousand ounces», the publication says.
The current gold production rates comply with indicators that have been planned for the 2016 mine's operation general plan included into in the technical report of «Kumtor» mine dated March 20, 2015. According to the plan of the mine operation, in 2016 more than a half of annual gold production volume will be produced in the second half of the year.
Kumtor's total capital expenditures for 2016 (excluding the stripping operations capitalization) should amount to $97 million, i.e. $13 million less compared to the previous estimates. The company also reduced the previously planned fixed capital maintenance costs from $84 million to $75 million due to cancellation and delay of major and minor repair work previously planned for certain types of heavy truck equipment ($7 million) and factory equipment ($2 million).
Earlier planned 2016 production development costs have been reduced as well from $26 million to $22 million as a result of decrease in the cost estimate for transfer of a number of infrastructure objects due to the continued expansion of career paths and other expenditures reduction. The monetary component of the costs on the stripping operations capitalization as related to the quarry expansion, according to calculations, will be reduced from the previously provided $122 million to $108 million due to a decrease in labor costs and a reduction in the diesel fuel costs. Total expenses for the stripping works capitalization for 2016 (including deductions for depreciation, depletion and amortization) are provided at the level of $145 million (earlier the amount planned made $162 million).
