According to mining firm Gold Fields Limited the production of gold in Ghana increased by 13 percent from March to June.
In March it was 157,300 ounces and at the end of June the production of gold was 177,800 ounces.
The second quarter report showed that production of gold at Tarkwa was increased from 135,800 ounces to 156,200 ounces, the difference of production was 15 percent and it was due to high grade processed and mined.
Gold production at Damang has increased 6 percent in March quarter it was 39,000 ounces and in June quarter the production was 41,500 ounces due to higher tons processed.
Net operating cost has been increased by nine percent in March quarter to June quarter and this increase was happen due to increase in volume of mines and draw down of inventory.
In March quarter net operating cost was US$125 million but in June quarter it was US$136 million.
Further Gold Field said that the expenditure of capital has decreased from US$89 million to US$52 million.
The capital expenditure decreased from US$85 million to US$48 million at Tarkwa
On the other hand the capital expenditure remains similar at US$4 million at Damang.
There are many plans to increase capital development in the Saddle area regarding the increase in mining flexibility.
Gold Fields Group Chief Executive Officer said that Ghanaian operated to change the prices of gold, Tarkwa has low cost mine and Damang is being targeted for reinvestment.
Moreover there were many adjustments already made in 2012 and 2013 at which point business has organized to deliver 15 percent margin at gold price of US$1,300/oz.
African content recorded 55.8 million international arrivals
Copyright © 2019 Ghanalive.TV. All Rights Reserved.