Kainantu Gold Mine’s Chief Executive Officer and Director, John Lewins has announced that the company performed exceptionally well in the year 2022 and has surpassed its production record of itself in 2021.
The company in a release mentioned that annual production achieved a record of 122,806 oz AuEq or 107,546 oz gold, 6,247,950 lbs copper, and 126,043 oz silver, achieving the guidance range of 115,000 to 140,000 oz AuEq and increasing 18% year over year.
During the fourth quarter, the process plant delivered record quarterly ore processed of 121,686 tonnes or 1,323 tpd, an increase of 22% from Q4 2021. On an annual basis, a record 448 kt of ore was processed, increasing 33% from 2021. Importantly, in November, the process plant achieved a record monthly throughput of 1,382 tpd, greater than the Stage 2A Expansion run rate of 1,370 tpd. The strong throughput is especially significant as the final Stage 2A Expansion plant upgrade is not yet complete, with the flotation expansion that will double rougher capacity expected to be commissioned in Q1 2023.
K92 CEO and Director John Lewins say they are very pleased with the performance of the Kainantu Gold Mine in the fourth quarter adding that once again, Kainantu achieved multiple operational records, delivering record mill throughput, total mined material, and underground development rates.
Lewins says quarterly production was the second highest on record, with 35,538 oz AuEq produced, and on an annual basis, we confidently achieved our production guidance.
He adds that the performance of the process plant has been a major positive. During the quarter, another new daily throughput record of 1,714 tonnes processed was achieved, and monthly, Stage 2A Expansion throughput rates of 1,370 tpd have already been achieved ahead of the flotation expansion, the last major upgrade of the Stage 2A Expansion.
A proud Lewins reveals that the flotation expansion which will double rougher capacity, is now planned to be commissioned in Q1 2023, and is expected to provide a boost to not only recoveries but also plant flexibility, with the potential to ultimately exceed the Stage 2A Expansion run-rate.
K92 Mining Inc. is a Canadian-based mineral exploration and mining company that operates the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea (PNG). The company was founded in 2007, and it acquired the Kainantu mine in 2015 from Barrick Gold Corporation. The mine has been in production since 2006 and has produced over 1 million ounces of gold and silver. The Kainantu mine is an underground mine that utilizes both cuts and fills and long-hole stoping methods to extract the ore. The mine is expected to continue operations until at least 2028, with a projected mine life of over 12 years.
The success of the K92 mine can have both positive and negative impacts on the people of Papua New Guinea (PNG).
On the positive side, the mine can provide employment opportunities and economic benefits for the local communities. The mine can also generate revenue for the government, which can be used to fund infrastructure projects and social services.
On the negative side, mining operations can also lead to environmental degradation and displacement of local communities. The mine can also lead to an influx of outsiders, which can cause cultural and social disruption.
It is important for mining companies operating in PNG, such as K92 mining, to engage with the local communities, work to mitigate negative impacts, and implement sustainable practices to ensure that the benefits of mining are shared equitably.