Masbate Mine’s gold ouput exceeds target
Vancouver-based gold producer B2Gold Corp. said the performance of its Masbate mine had been exceeding expectations, producing 49,930 ounces of gold in the second quarter of 2017.
Operations in the Masbate Mine are ongoing as it was not among the companies ordered suspended or closed by former Environment Secretary Regina Lopez after audits of metallic mines.
The mine exceeded its quarterly target by 5,675 ounces or 13 percent, driven by the increased production of oxide ore from the Colorado Pit.
For the first semester, gold production was at 102,492 ounces, which was 9 percent or by 8,224 ounces higher than the target.
Compared to last year’s figures, gold production was 13 percent or 7,258 ounces lower as the prior-year quarter had benefited from the higher grade ore sourced from the “Main Vein Stage 1 Pit.”
The Main Vein, which is no longer active, had yielded the second highest quarterly production ever for the mine.
Mill throughput in the quarter also exceeded the target of 1,717,168 tons by 6.26 percent, or 1,824,714 tons. This is due to softer ore conditions as well as improved plant availability.
“Mill recoveries averaged 75.9 percent which was better than budget of 72.9 percent and 75 percent in the second quarter of 2016,” B2Gold said.
Due to the mine’s continued strong year-to-date performance, target volume for 2017 was revised from 175,000 to 180,000 ounces, signaling the company’s confidence to the mine’s capacity for production.
To date, the company claimed it had yet to receive updated written response from the Department of Environment and Natural Resources (DENR) confirming the final results of the audit of the Masbate mine.
Resolution of the audit will occur after the Mining Industry Coordinating Council conducts a technical review following the conclusion of DENR’s audit. This is expected to bring finality to the year-old review process for the firm.
