Gold firm raises ’16 production target

The Masbate gold project raised its 2016 output goal as it upgraded its processing plant and despite the threat of closure arising from the Department of Environment and Natural Resources’ audit of mines.

B2Gold Corp. said in a report that the Philippines’ biggest gold producer was expected to produce between 200,000 to 210,000 ounces of gold, up by as much as 20 percent from the previous goal of 175,000 to 185,000 ounces.

The Canadian firm’s subsidiary, Philippine Gold Processing and Refining Corp., owns the mineral processing facility at the Masbate project.

“The upgrades are expected to improve gold recoveries and sustain throughput.” it said.

In the third quarter quarter alone, the Masbate project saw an 18-percent year-on-year jump in third-quarter output at 47,676 ounces. The volume is also 4 percent higher than the quarter’s target.

“Masbate’s strong quarter was driven by better-than-expected grades from the Main Vein Stage 1 pit and higher recoveries from higher-than-budgeted oxide ore from the Colorado pit,” according to B2Gold.

Also, Masbate produced more ores—two-thirds more than planned at 1.3 million tons—and with higher grade—one-fourth better than planned 1.48 grams of gold per ton.

B2Gold said Masbate’s mine plan was adjusted in August to optimize its development sequence and gold production through to 2017 and beyond.

Such adjustments included accelerated mining in the Main Vein Stage 1 pit, expanding the Colorado pit and starting site preparations for later Main Vein stages.

“The modified mine plan provides for continued strong gold production (upon its implementation,” according to the company.