K92 increase revenue 70%
K92 said today that it produced 22,261 oz gold equivalent oz, comprising 21,298 oz of gold, 488,020 lbs copper and 7,127 oz silver in Q3.
Cash costs were US$695/oz gold and all-in sustaining costs of US$834/oz gold.
Net income was US$9.4 million or US$0.04 per share.
Quarterly revenue was US$35.6 million, a 70% increase from Q3 2019.
CEO John Lewins said mill throughput will be doubling.
“The third quarter achieved multiple important milestones in terms of both production and exploration. On production, the completion of the Stage 2 Plant Expansion commissioning represents a major step-change for Kainantu’s production capabilities, doubling mill throughput from 200,000 tpa (~550 tpd) to 400,000 tpa (~1,100 tpd). Since completing commissioning, the operation has performed well, and we expect a strong finish to 2020."
K92 Mining owns and operates the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea.